The Indian Oil Corporation recently announced that the Petrol price will see a rise of Rs 1.39 per litre, while diesel price will be hiked by Rs 1.04 per litre from Sunday.
“The current level of international product prices of Petrol and Diesel and INR-USD exchange rate warrant increase in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision,” the oil marketing company (OMC) said.
“The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes. IOCL intends to shortly start daily changes in price of Petrol and Diesel based on movement of prices in international market, on pilot basis, in the cities of Udaipur, Jamshedpur, Pondicherry, Chandigarh and Vizag,” the statement read as.
#FLASH Petrol price hiked by Rs 1.39 per litre, and diesel by Rs 1.04 per litre
— ANI (@ANI_news) April 15, 2017
This comes just days after it was announced that petrol prices have been cut by Rs 3.77 per litre while diesel prices have been brought down by Rs 2.91 a litre adding that the prices will be effective from April 1.
“The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision,” IOC had then said in a statement.
IOC had further stated that the future prices will be dependent on the changing trends.
