New Delhi, N0v 30: Petrol price is hiked by 13 paise a litre and diesel prices were cut by 12 paise per litre and the new prices will be effective from 12 AM of November 1. The updated prices came after price revision which is due fortnightly and it will be effective from Thursday.

“The current level of international product prices of petrol and diesel, and rupee-dollar exchange rate warrant increase in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision,” said Indian Oil Corporation in a previous statement. Indian Oil Corporation is the country’s largest fossil fuel retailer.

According to the company, it has been stated that the movement of prices in the oil markets abroad and exchange rate is being observed and monitored closely and all future prices will be a reflection of the trends in the global market.