Petrol price has been hiked by Rs 2.58 with effect from midnight of May 31. With this change, petrol will now cost Rs 65.60 per litre in Delhi and Rs 70.18 per litre in Mumbai.
The announcement was made at midnight, May 31, marking the second hike in fuel prices in the month. The last hike was implemented on May 17, when petrol price was hiked by 83 paise. Since fuel rates were deregularised in 2014, oil companies now have the liberty to alter the prices according to global price movement. IOC, BPCL and HPCL revise rates of the fuel on 1st and 16th of every month.
IOC has shifted the blame of the hike on the movement in the international oil market and the fluctuation in INR-USD exchange rate. The company released a statement saying, "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.”
