
"There is a continued volatility in the international oil prices because of geopolitical and economic developments around the globe," country's biggest fuel retailer Indian Oil Corp said in a statement.
International gasoline rates have increased by $1.6 per barrel since the last revision of its prices and the average depreciation in the rupee was 12 paise that has led to 75 paise per litre hike its price, which is exclusive of local levies, executives in state oil firms said.
"Diesel price is raised by 50 paise without local taxes as per the decision of the Cabinet. Despite the hike we are still losing Rs 9.24 per litre on diesel," one executive said.
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