The prices of petrol and diesel have been hiked by by 82 paise and 61 paise, as announced on Sunday. The festive season for motorists has come to an end as the first hike in fuel prices in the last six months comes into effect from today onwards.
This price hike comes in the wake of a minor depreciation in the rupee-dollar exchange rate and a steep increase in international prices of petrol and diesel. However, fuel is still cheaper as the prices have come down drastically since August, last year. Since August 2014, petrol prices have come down by Rs 17.11 per litre and Rs 12.96 per litre for diesel.
“The movement of prices in the international oil market and INR-dollar exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes, " read the IOC statement.