Petrol and diesel has been deregularised in India and prices are aligned with international markets. The prices are changed every fortnight to match global prices of fuel.
On 16th May, 2015 oil companies have raised the price of both petrol as well as diesel. They have increased the price of petrol by Rs. 3.13, while diesel price goes up by Rs. 2.17.
Previously Indian Oil Companies had increased prices of fuel on 1st May, 2015. They had increased prices by Rs. 3.96 and Rs. 2.37 for petrol as well as diesel in India.
So in the month of May, 2015 fuel prices have surged up at a rapid pace. Both price hikes in May account for Rs. 7.09 and Rs. 4.54 per litre for petrol and diesel respectively.
The Government of India has no say in increase or decrease of fuel prices anymore. Indian Oil Companies every fortnight align fuel prices based on various factors to international markets.
These price hike will take immediate effect and customers will have to shell out more money. Fuel prices in India are adjusted on every 1st and 16th of a month, so that best possible price is achieved for both companies and customers.