Petrol, Diesel Prices Hiked For Second Timein May 2016
Petrol price was hiked by 83 paisa a litre and diesel by Rs 1.26 per litre, the second increase in rates this month on Monday May 16,2016
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 May01,2016
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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