Oil companies on Thursday hiked the price of petrol by 75 paise per litre, without taxes. The price of diesel was also raised by 50 paise.
The hike comes after the highest cut in the price of petrol in over five years by Rs.3, a month ago.
The fall in rupee against the US dollar, puts pressure on oil companies that buy crude in the American currency.
The rupee on Friday closed at 56.4950 against Thursday’s close of 56.38/39. It had earlier hit 56.76, its lowest since June 28, 2012, to the dollar on Friday.
Oil companies have cut petrol prices four times since March, before this hike.
Oil firms review the price of petrol every two weeks. While petrol price has been deregulated since June 2010 and the price is market determined, the government still controls the price of diesel, and allows only minor revisions.
Courtesy: NDTV