The state-owned oil marketing companies (OMCs) have decided to increase petrol prices by over 70 paise a litre with effect from midnight, after two successive rounds of rate cuts in the last month. The increase in petrol prices was triggered by the increase in cost of Indian basket of crude oil prices in the last one month, which is hovering over $104 per barrel, according to Petroleum and Planning Analysis Cell (PPAC) data.
With effect from mid-night petrol prices would cost Rs 68.48 in Delhi, Rs 74.23 in Mumbai, Rs 73.16 in Chennai, Rs 73.61 in Kolkata, Rs 75.80 in Hyderabad and Rs 77.30 in Bangalore. Delhi witnessed a hike of 70 paisa per litre while Bangalore witnessed a hike of 91 paisa per litre over the prevailing prices.
