Petrol prices hiked by Rs 1.40

New Delhi/March 1
Petrol prices will go up by Rs 1.40 excluding taxes as Indian oil companies has raised the prices due to due to the depreciating rupee and a sharp increase in crude oil prices in global markets.
Indian Oil Corporation said that the price has been hiked due to the depreciation in the value of rupee and rise in international crude oil prices. The combined impact of these two factors has compelled the company to revise the prices. “The Corporation does not have any other option but to pass on the increase in motor spirit prices to consumers as the Corporation has already suffered losses on sale of motor spirit during the year,” said Indian Oil Corporation in a statement.
This is the second increase in petrol price in the past two weeks and earlier, the prices were hiked by Rs. 1.50 per litre.