State-owned oil companies on Thursday hiked petrol price by Rs. 3.14 per litre as a fall in rupee increased the cost of importing the raw material (crude oil).
Petrol price in Delhi will be hiked by Rs. 3.14 a litre to Rs. 66.84 per litre with effect from Thursday midnight , a top official at a state-run fuel retailer said.
The current price of Rs. 63.70 per litre corresponds to crude oil price of about $103 per barrel. But crude today is at $110-111 per barrel. This difference coupled with rupee declining to two-year low of 48 to the U.S. dollar necessitated an increase in retail price, he said.
This is the second hike in four months. Oil companies had last hiked petrol price by Rs. 5 per litre on May 15.
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