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Petrol prices hiked yet again

Snapshot: Due to increase in the international prices of oil, Oil marketing companies (OMCs) have hiked petrol prices and slashed diesel prices in the country today that will come into effect from 16th June.

Petrol and diesel prices have been revised once again by the Oil Marketing Companies (OMCs) due to change in international pricing of the oil. The petrol prices are up again by INR 0.64 a litre and Diesel prices have been slashed by INR 1.35 a litre. The price of Petrol will now be INR 66.93 a litre and Diesel will now cost 50.93 a litre in Capital of the country. It was not long since the petrol and diesel prices were revised for the last time as on May 16 only the petrol and diesel prices were hiked by INR 3.13 per litre.

In a statement issued by “Indian Oil Corp, the nation's largest fuel retailer, "Since last price change, there has been an increase in international prices of petrol while international prices of diesel have shown a downward trend. Rupee-dollar exchange rates have depreciated during this period. Combined impact of these factors warrant an upward revision in prices of petrol and a downward revision in prices of diesel, the impact of which is being passed on to the consumers”

"The movement of prices in international oil market and rupee-dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes," Indian Oil said. 

The actual increase or decrease in petrol and diesel prices varies from region to region depending upon the local VAT Taxes.

Source: Economictimes

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