Petrol prices are again up by Rs 1.55 per litre, the fourth such hike in the past eight weeks because of deteriorating exchange rate and rising international oil prices.
According to a report in the Economic Times, state--owned oil companies will be forced to raise petrol rates sharply even in future if the rupee continues to fall and global oil prices do not soften.
Oil firms had on June 1 raised the price of the fuel by 75 paise, excluding VAT, and followed it with a Rs. 2 per litre increase on June 16, and Rs. 1.82 on June 29.
Indian Oil, in a statement released on its website on Sunday, said the hike is due to "the combined impact of deteriorating exchange rate and increasing international oil prices".
The price of petrol in Delhi will go up from Rs. 68.58 to Rs 70.44. However, this figure is exclusive of taxes and the actual price hike could be Rs 2 per litre across the country.