Petrol price was increased on Friday by Rs. 1.40 a litre, the second big hike in as many weeks.

A rise in international oil prices and the depreciation in the rupee have necessitated the increase from midnight on Friday, a statement issued by the Indian Oil Corporation said.

The increase excludes local sales tax or Value Added Tax (VAT), and the actual increase rate for consumers will be higher after including the tax incidence.

The previous hike of Rs. 1.50, excluding VAT, came into effect on February 16. - PTI

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