MUMBAI: After four consecutive times reduction in petrol prices by cumulative Rs 6.60 a litre since April 1, state owned oil marketing companies (OMCs) have decided to increase the petrol prices by 75 paisa a litre and diesel prices by 50 paisa a litre due to depreciating Indian rupee, which hit 10 month low, making the import of crude oil costlier. Private refiners Reliance Industries (RIL) and Essar Oil are likely to follow the suit.
The management of Indian Oil Corporation (IOC), Hindustan Petroleum Corp ( HPCL) & Bharat Petroleum Corp ( BPCL) in a meeting in New Delhi decided on the revision in the petrol and diesel prices, which was approved by the oil ministry.
The OMCs had reduced the petrol prices by Rs 3 per litre on May 1, Rs 1.20 per litre on April 16, Re 1 on April 1 and Rs. 2.40 on March 16, 2013.