As falling rupee made oil imports costlier, petrol price was hiked by Rs 1.55 a litre. This is the fourth consecutive increase in rates in six weeks.
Oil companies raised petrol rates by Rs 1.55 a liter, excluding local sales tax or VAT, with effect from Sunday midnight. Actual increase will be higher and will vary from city to city depending on local taxes. In Srinagar the will rise by Rs 1.86 per litre to Rs 76.21, as against Rs 74.40.
The revision in prices, as per the practice of changing rates in line with cost every fortnight, was due on Tuesday July 16 but were raised a day earlier.