Petrol price hiked by Rs 1.23 a litre, diesel by 89 paise

NEW DELHI: State oil companies have raised prices of petrol by Rs 1.23 per litre and of diesel by 89 paise per litre.

These hikes exclude state levies and so the actual price increases could vary.

Oil companies revise local prices every fortnight to align them with international rates and factor in exchange rate fluctuations.

'The current level of international product prices of Petrol & Diesel and INR-USD exchange rate warrant increase in selling price of Petrol and Diesel, the impact of which is being passed on to the consumers with this price revision,' Indian Oil Corp, the nation's largest fuel retailer, said in a statement.

The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, the company said.