Indian Oil Corporation (IOC), India's largest oil marketing company, has decided to increase Petrol price by Rs 3.18 /litre and Diesel (Retail) by Rs 3.09 /litre at Delhi (including State levies) with corresponding increase in other States, with effect from midnight of Feb. 28, 2015 / Mar. 1, 2015.
Prices of Petrol and Diesel were last revised upwards w.e.f. Feb. 16, 2015 by Rs 0.82/ litre and Rs 0.61/ litre respectively (including State levies at Delhi). This increase in prices was effected on the back of increasing international oil prices. Since the above price revision, there has been further steep increase in international prices of both Petrol and Diesel. The INR-USD exchange rate has also depreciated slightly during this period. The combined impact of both these factors warrants increase in Retail Selling Prices of both Petrol and Diesel.
The movement of prices in international oil market and INR-USD exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes.
Shares of the company declined Rs 1.05, or 0.32%, to settle at Rs 332.05. The total volume of shares traded was 105,957 at the BSE (Saturday).
