STATE TIMES NEWS
NEW DELHI: The Oil Marketing companies have decided to increase the prices of petrol and diesel from midnight tonight.
The selling prices of petrol will be up by Rs 1.50 a litre and the diesel will be up by 45 paise excluding VAT, Indian Oil Sources said.
The petrol prices were last revised downward by Rs 0.25/litre (excl VAT) on January 18 and since then international oil prices have constantly shown an uptrend, the IOC said in a statement.
The crude oil prices has increased from 109.08 dollars/bbl to 113.24 dollars/ bbl, while International MS prices have increased from 119.59 dollars/bbl to 128.57 dollars/bbl.
The Rupee and the US dollar exchange rate had improved from Rs 54.78 to Rs 53.43 per per dollar during the period.
The OMCs were compelled to pass on the increase in MS prices to consumers as the Corporation has already suffered losses on sale of MS so far and trends in international oil market as well as INR-USD exchange rate indicate continued strength.