Oil marketing companies have hiked the price of petrol by 70-91 paise per litre and the increase will be effective from midnight, (23-24 July, 2012).
As a consequence of the revision, increase in selling price of petrol shall vary from Rs. 0.70/litre to Rs. 0.91/litre (including state levies) depending upon the state taxes.
Indian Oil Corporation said the revision has been necessitated due to increasing international oil prices and movement in rupee-dollar rate.
Currently, PSU oil firms are losing Rs 10.01/litre on diesel, Rs 27.20/litre on kerosene and Rs 319/cylinder on LPG.