Petrol price hiked by 83 paisa per litre, diesel by Rs 1.26

Petrol price was today hiked by 83 paisa a litre and diesel by Rs 1.26 per litre, the second increase in rates this month. Petrol in Delhi will cost Rs 63.02 per litre from midnight tonight, while a litre of diesel will cost Rs 51.67, said Indian Oil Corporation (IOC), the nation’s largest fuel retailer. Rates were last hiked by Rs 1.06 a litre on petrol and Rs 2.94 a litre on diesel on May 1.

“The current level of international product prices of petrol and diesel and the rupee-US Dollar exchange rate warrant increase in price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision,” the IOC said.

State-owned fuel retailers IOC, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise rates of the fuel on 1st and 16th of every month based on the average oil price and the foreign exchange rate in the preceding fortnight.

“The movement of prices in the international oil market and the rupee-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes,” the company added.