"The current level of international product prices of Petrol and Diesel and INR-USD exchange rate warrant increase in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision," the oil marketing company (OMC) said in a statement.
"The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes," the statement added.
IOC added that it intends to start a pilot project in select cities daily for daily revision of petrol and diesel prices.
"IOCL intends to shortly start daily changes in price of Petrol and Diesel based on movement of prices in international market, on pilot basis, in the cities of Udaipur, Jamshedpur, Pondicherry, Chandigarh and Vizag," the statement said.
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