Petrol prices have been hiked 83 paise while diesel prices have been raised by Rs. 1.26/litre, the second time the prices have been hiked this month.
Petrol now costs Rs. 63.02/litre in the national capital of Delhi up from the previous Rs.62.19/litre while diesel now costs Rs 51.67/litre up from Rs.50.41/litre.
Petrol and diesel prices were last hiked on May 1, 2016 when petrol prices were hiked by Rs. 1.06/litre while diesel prices were hiked by Rs. 2.94/litre.
Indian Oil Corporation, the country's largest fuel retailer gave the reason for the price hike in a statement, "The current level of international product prices of petrol and diesel and the rupee-US Dollar 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."