Oil marketing companies (OMCs) have hiked prices of petrol and diesel by 83 paisa per litre and Rs 1.26 per litre respectively, in line with global trends. The price changes will be effective from midnight of May 16 and 17.
Post the revision, Petrol in Delhi will cost Rs 63.02 per litre from midnight as against Rs 62.19 per litre currently. Similarly, diesel will cost Rs 51.67 per litre as against Rs 50.95 per litre at present. The hike comes on the back of an increase of Rs 1.06 and Rs 2.94 per litre on petrol and diesel respectively on May 1.
State-owned fuel retailers IOC, Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (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 oil companies have said that 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.