State-owned Indian Oil Corp (IOC), the nation's largest fuel retailer, today hiked petrol prices by Rs 0.32 a litre with effect from midnight tonight in line with rise in cost of crude.
IOC follows sister PSU concern, Hindustan Petroleum Corp Ltd (HPCL), which has raised petrol price by Rs 0.31 a litre already effective today.
This is the fourth increase in petrol prices since June 25 when the government gave oil firms freedom to price the fuel in step with cost.
“We are increasing petrol price because of sharp rise in price of crude oil,” IOC Chairman B M Bansal told reporters here.
Petrol in Delhi currently costs Rs 52.59 a litre and will cost Rs 52.91 a litre from midnight tonight.
