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For the second time in February, public sector oil retailers have increased fuel rates by about ₹3 a litre effective midnight Saturday/Sunday.
The three oil retailers — Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation — review petrol and diesel prices on a fortnightly basis in keeping with the international oil prices.
In a statement, Indian Oil said that retail selling prices of petrol and diesel have been hiked by ₹3.18 a litre and ₹3.09 a litre, respectively, in Delhi with a corresponding increase in other States.
Private players like Essar Oil also review product prices on a fortnightly basis. A private sector official said, “We normally match the public sector rates.”
According to Indian Oil, the reason for the hike is a steep increase in international prices of both petrol and diesel. Besides, the rupee-dollar exchange rate has also depreciated slightly since the last price revision on February 15.
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