This is the third increase in petrol price since May. However, in case of diesel, the reduction has halted two consecutive increases during last month.
Petrol and diesel prices were earlier raised on May 16 for the second time within a fortnight. Petrol prices were by Rs 3.13 per litre and diesel by Rs 2.71 a litre, tracking global cues. However, on June 1, companies skipped raising rates by 30-40 paise that had become necessary due to rise in international rates.
"Since last price change, there has been an increase in international prices of petrol while international prices of Diesel have shown a downward trend.
"Indian rupee-US dollar exchange rate has depreciated during this period. Combined impact of these factors warrant an upward revision in prices of petrol and a downward revision in prices of diesel, the impact of which is being passed on to the consumers with this price change," Indian Oil Corp (IOC) said in a statement.
The three hikes in petrol rates have wiped away more than one-third of the gains that had accrued to consumers when global rates began to fall in August.
In case of diesel, the reduction has partly restored the gains taken away in May. State-owned fuel retailers IOC, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight.
(With inputs from agencies)