IOC, HPCL too hike petrol prices

Indian Oil Corporation (IOC) the country's largest fuel retailer, today announced a Rs2.96 per litre hike in petrol prices effective midnight tonight.

Hindustan Petroleum Corp Ltd (HPCL), another state-run fuel retailer, also hiked petrol prices by Rs2.94 per litre effective midnight tonight.

The move comes a day after Bharat Petroleum Corporation Ltd (BPCL) raised petrol prices yesterday. BPCL raised petrol prices by Rs2.95 per litre in Delhi.

The move will effectively take petrol prices at IOC pumps in Delhi to Rs55.87 per litre from midnight tonight. Petrol at HPCL pumps would cost Rs55.85 per litre while BPCL pumps would sell the fuel at Rs55.86 a litre.

The hike comes in the wake of a spurt in international crude oil prices, which climbed to $90 per barrel levels.

Oil marketing companies needed to raise petrol prices by a minimum Rs4.17 a litre to keep prices on par with market rates.

The government, which lifted price curbs on petrol in June this year, is expected to announce a hike in diesel prices this month, although it may not free diesel prices from regulations yet.