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NEW DELHI, March 1 � Petrol price was today hiked by Rs 1.40 per litre, the second big increase in rates in as many weeks, reports PTI.
A rise in international oil prices and depreciation in rupee have necessitated a Rs 1.40 per litre increase in price of petrol with effect from midnight tonight, said a statement by Indian Oil Corporation (IOC). The hike is excluding local sales tax or VAT and the actual increase in rate for consumers will be higher after including the tax incidence. The previous petrol price hike was Rs 1.50 a litre excluding VAT on February 16.
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