State-run oil marketing companies (OMCs) Monday hiked the petrol price by Rs.1.69 a litre, excluding taxes, effective from midnight, owing to a rise in global oil prices and exchange rates.
Diesel prices were also hiked by 50 paise per litre.
"Due to geo-political unrest in the Middle East, there has been significant increase in international oil prices during the past two weeks", Indian Oil said here in a release.
The government had, in January 2013, permitted OMCs to increase the diesel price by small doses of up to 50 paise per litre every month till their losses on this account are completely eliminated.
Even after the current increase, under recovery, or losses, on sale of diesel shall stand at Rs.3.40 per litre, it added.
(Published 30 June 2014, 15:15 IST)
JOIN US