IOC hikes petrol prices by 72 paise a litre effective midnight tonight

Indian Oil Corporation on Saturday hiked petrol prices by 72 paise a litre effective midnight tonight. File Photo: P.V. Sivikumar

Indian Oil Corporation, the nation’s largest fuel retailer, on Saturday hiked petrol prices by 72 paise a litre effective midnight tonight.

IOC sources said after the hike, petrol in Delhi will cost Rs. 52.55 a litre and the rate in other cities will vary depending on local taxes and levies.

While Bharat Petroleum Corporation Ltd. had on Friday announced a 70 paise per litre increase in petrol prices, Hindustan Petroleum Corporation is expected to follow suit in a day or two.

Sources said the three companies are losing about Rs. 1 per litre on petrol after international oil prices rose to over $80 per barrel this month.

The government had in June freed petrol pricing from its administrative control, allowing the state companies to fix rates in line with the cost of production.

This is the second increase in petrol prices since June this year.