Oil companies had from june fifteen hiked costs by Rs.2 a pair of excluding VAT.
It aforesaid that the depreciation of the rupee and hardening of crude costs within the international market have necessitated the hike.
It is rumored that when the hike in costs, Indian Oil Corporation (IOC) is acquisition a loss of Rs 8.60 per litre.
"Since the last value amendment, the downwardly slide of rupee has continuing and USD-INR rate has deteriorated to Rs.58.94 per the USA greenback throughout the time period. Further, international MS costs have additionally multiplied since the last value amendment," the country's largest oil selling firm aforesaid.
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