New Delhi: On Monday, the government hiked the petrol price by 83 paise
per 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 first
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.
IOC, which is an Indian state-owned oil and gas corporation, with its
headquarters in New Delhi, is the world’s 119th largest corporation and the
largest public corporation in India by revenue.
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