Zee Media Bureau
New Delhi: For the third time in a month, oil companies on Tuesday hiked the prices of petrol by Rs 2.58 while it also hiked the prices of diesel by Rs 2.26 a litre.
The new prices will come into effective from midnight of May 31-June 1.
#Flash Petrol & diesel prices increased by Rs. 2.58/litre & Rs. 2.26/litre respectively with effect from midnight tonight.
— ANI (@ANI_news) May 31, 2016
With this change, the price of petrol in the national capital will be Rs. 65.60 per litre (including State levies), while one litre diesel will cost Rs. 53.93.
"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," said Indian Oil Corp (IOC).
State-owned oil companies IOC, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the rates on the 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 INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, IOC added in the statement.
Earlier on May 17, oil companies had hiked the prices of petrol and diesel by 83 paisa a litre and Rs 1.26 per litre respectively.
Prices of petrol and diesel were also hiked on May 1 by Rs 1.06 a litre and Rs 2.94 a litre respectively.