New Delhi: Petrol price was on Monday hiked by 83 paise a litre and diesel rate by Rs 1.26 per litre - the second increase in rates this month.
Petrol in Delhi will cost Rs 63.02 per litre from the midnight of May 16-17, while a litre of diesel will cost Rs 51.67, said Indian Oil Corporation (IOC).
Fuel prices were last revised on May 1, when the price of petrol was increased by Rs 1.06 per litre while that of diesel was raised by Rs 2.94 a litre.
"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," said Indian Oil, the country's largest fuel retailer.
State-owned fuel retailers IOC, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the rates on the 1st and 16th of every month based on the average oil price and foreign exchange rate in the preceding fortnight.
"The movement of prices in the international oil market and the rupee-dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes," the company added.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
