NEW DELHI (Reuters) – Indian Oil Corporation (IOC) will raise petrol prices from Tuesday by 70 paise (0.01 U.S. cents) per litre, excluding taxes, a statement from the country’s biggest fuel retailer said.
A rise in global oil prices and volatility in the rupee-dollar exchange rate had prompted the revision, the IOC statement said on Monday.
A litre of petrol currently sells at 67.78 rupees in New Delhi.
India’s three state-run fuel retailers — including Bharat Petroleum Corp (BPCL.NS) and Hindustan Petroleum Corp (HPCL.NS) — review petrol prices every two weeks and tend to move their prices in tandem.
In late May, the three retailers raised petrol prices by 6.28 rupees a litre, excluding taxes — their first revision in prices for about six months — but made a partial rollback after a public outcry in June.
The prices were pared once again last month after global oil and petrol prices softened.
(Reporting by Malini Menon; editing by James Jukwey)