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

Tuesday, May 17, 2016,10:05 IST By metrovaartha A A A

New Delhi | Petrol price was Monday hiked by 83 paisa per 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 Tuesday, while a litre of diesel will cost Rs 51.67, said Indian Oil Corporation (IOC), the nation’s largest fuel retailer.

The revised rate of petrol per litre in Kochi is Rs. 65.79, and rate of diesel per litre is Rs. 55.42.

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.

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