Petrol prices will go up by Rs.1.40 per litre, excluding taxes, from midnight Friday due to the depreciating rupee and a sharp increase in crude oil prices in global markets, the government-run oil marketing firms said Friday.
This is the second increase in petrol price in the past two weeks. It was hiked by Rs.1.50 per litre Feb 16.
The country's largest oil marketing firm Indian Oil Corporation said the prices have been revised upward due to the depreciation in the value of rupee and rise in international crude oil prices.
"The combined impact of these two factors has compelled the company to revise the prices. The Corporation does not have any other option but to pass on the increase in motor spirit prices to consumers as the Corporation has already suffered losses on sale of motor spirit during the year," Indian Oil Corporation said in a statement.