India, the place where people were already disturbed by the rates of Inflation, has given another shock to its citizens by hiking up the petrol, diesel and non-subsidized LPG cylinders price by Rs 2.58, Rs 2.26 and Rs 21 respectively.
This change was brought up by The Indian Oil Corp (IOC) yesterday midnight and will cost up the petrol prices up to Rs. 65.60 per litre and diesel up to Rs 53.93 a litre in the city of Delhi, whereas the state of Chennai will have a comparatively cheap price, i.e, Rs 65.04 and Mumbai will have theÂ costlier price of Rs 70.18.
The reason which the IOC gives for the hike in petrol prices is the movement in the internationalÂ oil market and INR-USD exchange rate.
“The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant increase in the price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision,” said IOC.
Moreover, the 9.2% increase in the price of non-subsidisedÂ LPG is the result of IOC,Â Hindustan Petroleum and Bharat Petroleum’s monthly revisions.
The last hike in the diesel and petrol prices was made on 17th May and 1st May for LPG gas cylinders price, after that, no other hike was brought up till yesterday.