November 26, 2024 03:56 (IST)
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New Delhi, June 30 (IBNS): State-run oil company Indian Oil Corporation (IOC) on Monday said petrol prices would be hiked by Rs 1.69 per litre while diesel prices would go up by 50 paise per litre.
The new prices, which will come to effect from Monday night, is result of the ongoing crisis in Iraq, IOC said.
"Due to geo-political unrest in the Middle East, there has been significant increase in international oil prices during the past two weeks. The international prices of MS have increased by more than USD 4/bbl, and the INR-USD exchange rate has also deteriorated. The combined impact of both these factors has warranted an increase in Petrol prices by Rs. 1.69/ litre (excluding state levies)," IOC said in a statement.
IOC said that diesel rates were hiked in continuation with the previous UPA government's January 2013 policy of raising prices in small doses every month to eliminate subsidy.
The Corporation further said, that it continues to suffer a loss Rs 33.07 a litre on kerosene sold through the public distribution system (PDS) and Rs 449 per 14.2-kg domestic subsidised LPG (cooking gas) cylinder.
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