Today, Indian Oil Corporation has said that it was a sensible decision to hike oil prices at this period of time. The price increase was announced as the crude oil prices had accelerated in the international market.

Indian Oil Corporation Chairman, B M Bansal has said in a statement that there has been a need of the current increase in the retail price of petrol. He has said that as per the recent price levels in the international oil market, it has been expected that the desired increase in the retail selling prices of petrol in New Delhi marketplace should be Rs 3.72 per litre.

This has been the second hike in petrol prices during this month. Bansal has stated that, IOC has preferred to lessen the shock of price increase. It has increased the price by Rs 2.50 per litre.

Yesterday, the price of petrol was increased by Public sector oil companies. It had an increment of Rs2.50 per litre. There has been an increase of petrol at Indian Oil filling stations in Delhi as well. Now it will cost Rs 58.37 per litre. Earlier it was costing Rs 55.87 a litre.