IOC hiked the petrol price by Rs.2.58 per litre and diesel by Rs.2.26 per litre,yesterday at mid-night
Petrol will now cost Rs.65.60 per litre in Delhi while diesel will cost Rs.53.93 per litre. Prices of the fuels were last revised on May 16.
Indian Oil Corp (IOC) said ,”The current level of international product prices of Petrol & Diesel and rupee-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,”
Also added that, “The movement of prices in the international oil market and rupee-dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes,” .
On 1st and 16th of every month IOC, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the rates based on the average oil price and the foreign exchange rate in the preceding fortnight.