Effective from May 31, fuel prices have been hiked by Rs 2.58 per litre for petrol and Rs 2.26 for diesel. The movement in the international oil market and the fluctuation in INR-USD exchange rate have now taken fuel prices to their highest level in the past year.
With the previous hike in fuel prices being implemented on May 17, this is the second time oil companies have raised the price of fuel within a month. In Delhi, petrol will now cost Rs 65.60 per litre while diesel will cost Rs 53.93 per litre. Users in Mumbai will have to shell out Rs 70.18 per litre for petrol and Rs 59.21 per litre for diesel.
Justifying the hike in fuel prices, Indian Oil Corporation released a statement saying, "The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant an increase in price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision.”
