The new petrol price will be become effective from midnight on Monday, IOC sources said. There would be no increase in diesel prices.
A litre of petrol in Delhi will now cost Rs 51.83 a litre, in Calcutta Rs 55.69, in Bombay Rs 56.25 and in Chennai Rs 56.31.
The increase follows oil companies’revenue loss of 25 paise a litre for the first time in September, since pricing was freed.
BPCL and HPCL are likely to increase prices in a day or two and in line with IOC.
The petroleum ministry is understood to have asked IOC, BPCL and HPCL to levy a different increase on different days in order to avoid accusations that they have formed a cartel.
Private oil firms like Reliance and Essar have accused the OMCs of acting as a cartel.
The differential rates could help the state-owned firms avoid the scanner of the Competition Commission of India.
The Indian basket of crude has increased from $74.84 in June to $75.56 a barrel.
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