Petrol price hiked by Rs 1.69/L, diesel by 0.50p; effective July 1

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petrol pump

New Delhi: Oil companies on Monday hiked price of petrol by Rs 1.69 per litre while the price of diesel was also hiked by 0.50 paise per litre to be effective from July 1.Commenting on the hike in fuel price, India Oil Corporation (IOC) said the hike in petrol price has come due to the rise in price of crude oil and forex market.The hiked in the prices is exclusive of taxes and levies. Earlier in April, the government cut the prices of petrol by 70 paise per litre as appreciation of the rupee against the US dollar made oil imports cheaper.Prior to the cut, the UPA government had put on hold and refused the oil companies to increase prices of petrol and diesel as per stated policy as it was wary of taking unpopular decisions in the midst of elections.