Oil major Indian Oil Corporation hiked its petrol prices by 72 paise a litre effective from 16 October. Petrol in Delhi will now cost Rs 52.55 a litre and the rate in other cities too would go up depending on the local taxes levied.
The government of India had, in June, deregulated petrol prices; thereby allowing state oil marketing companies to decide their own petrol pricing based on their cost of production.
This has been the second petrol price hike since June 2010.
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