(Image source from: Petrol)

Seems there is no respite coming for the Indians any time soon!

On Wednesday, oil companies hiked petrol and diesel prices by 88p and 62p respectively, with effect from today.

The decision was announced by state-run Indian Oil Corporation. "Petrol price has been raised by 70 paise per liter and diesel by 50 paise throughout the country, but pump prices will vary from city to city depending on state and local taxes," said an executive of Indian Oil Corp, country's biggest fuel retailer.

Depreciation of the rupee and hardening of crude prices in the international market called for the fuel price hike.

Despite the recent hike, revenue loss on retail diesel sale has been recorded at Rs 9.29 per liter which has made the oil companies demand a steeper diesel price hike to make up their revenue losses. However, government has annulled their demand.

AW: Suchorita Dutta