Just when consumers started bearing a smile on their face, reality slaps back. Petrol and diesel prices have increased by 82 and 61 paise per litre respectively.
On the 4th of Feb, oil companies had cut petrol prices by Rs 2.42 per litre and diesel by Rs 2.25 since oil prices internationally were down. But that is all changed now. Crude oil prices are increasing and the INR-USD exchange rate has seen a slight depreciation as well.
The Indian Oil Corporation said in a statement, "There has been a steep increase in international prices of both petrol and diesel and the INR-USD exchange rate has also depreciated slightly since the last price revision."
"The combined impact of both these factors warrants increase in retail selling prices of both petrol and diesel. The movement of prices in international oil market and INR-USD exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes."
Although few market analysts feel that fuel prices will fall again in the future, consumers have been taken by surprise at the moment. Looking on the brighter side, the fuel prices are still much cheaper than last July's.