New Delhi, June 15 (IANS) Petrol prices will go up by Rs.2 per litre, excluding taxes, from midnight Saturday due to the depreciating rupee and hardening of international prices, a state-run oil marketing company (OMC) said.
The country’s largest oil marketing firm Indian Oil Corporation (IOC) said the prices have been revised upward due to the depreciation in the value of rupee and rise in international crude oil prices.
“Since the last price change, the slide in rupee has continued. Further, international MS (motor spirit) prices have also hardened during this period. The combined impact of both these factors, has warranted the increase in MS prices,” IOC said in a statement.
This is the second increase in petrol prices in this month. The fuel price was hiked by Rs.0.75 per litre June 1, 2013.