Petrol will cost Rs.1.63 more a litre, excluding state taxes, from midnight Friday, state-run Indian Oil Corporation (IOC) announced. The IOC said it had to hike prices due to volatility in the rupee against the dollar and hardening of international motor spirit prices.
The IOC said it will reduce petrol prices if rupee-dollar exchange rate and international motor spirit prices stabilise. "The movement of prices in the international oil market and rupee-dollar exchange rate are continuously under watch and developing trends reflected in future price changes," it said in a statement.
The three state-owned oil marketing companies had last raised prices of petrol and diesel by Rs.2.35 and Rs.0.50 more a litre, respectively, Sep 1.