Petrol prices hiked by Rs 1.40 per litre

The oil companies have announced that they will increase prices of petrol further by Rs 1.40 per litre, effective from the midnight of March 1, 2013. This is the second price hike for petrol in the last 15 days as the government had hiked petrol prices by Rs 1.5 per litre on February 16, 2013.

Following this hike, petrol will cost Rs 70.74 per litre in New Delhi and 77.66 per litre in Mumbai. As always, this hike comes in the wake of rising prices of crude oil barrels and the weakening value of the rupee against the US dollar. Unlike the fuel price hike in February though, the current hike will be levied only on petrol and not on diesel.