Fuel Price Hike: Petrol by INR 2.58 and diesel by INR 2.26

Once again there is a hike in prices of fuel after the recent hike on May 16 this year. This time the prices have risen by INR 2.58 and 2.26 for petrol and diesel respectively. The new prices are applicable from midnight of 31st May and 1st June leading to which the petrol would now cost Rs. 65.60 per litre and diesel at Rs. 53.93 per litre in Delhi-NCR. The revision in the fuel prices, if applicable, is done twice in a month by the fuel retailers- Bharat Petroleum Corporation Ltd. (BPCL), Indian Oil Corp (IOC), and Hindustan Petroleum Corporation Ltd (HPCL). The decision to cut or increase the fuel rates depends largely on the average price of crude oil along with the exchange rate of the Rupee and the US Dollar. According to Indian Oil Corp(IOC), “The current level of international product prices of petrol and diesel and INR-USD 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,”. IOC also added, “The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes”.