The fuel prices in India have been updated following the current international prices of petrol and diesel along with the INR-USD exchange rate. The petrol prices have been increased by Rs 3.07 per litre while that of diesel has been hiked by Rs 1.90 per litre in India. The new prices will be brought into effect from 12am tonight.
Last month, the fuel prices were revised twice. The first was done on February 17, 2016 where the petrol prices were lowered by 32 paise per litre and that of diesel was increased by 28 paise per litre. The second happened on February 29, 2016 where the petrol prices were dropped by Rs 3.02 per litre while that of diesel was hiked by Rs 1.47 per litre in India.
According to an official statement from Indian Oil, the current level of international product prices of petrol and diesel and INR-USD exchange rate warrant increase in price of petrol and increase in price of diesel, the impact of which is being passed on to the customers with this price revision.
It further adds, the movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes
The present prices of petrol and diesel in Mumbai are Rs 65.79 per litre and Rs 55.06 respectively.