The first day of June 2016 brings along hike in fuel prices. Petrol will now be costlier by Rs. 2.58 per litre while diesel will cost Rs. 2.26 per litre more. Prices are effective from midnight of May 31, 2016.
Fuel prices were last revised on May 16, when petrol became costlier by 83 paise per litre and diesel went up by Rs. 1.26 per litre.
Indian Oil Corporation (IOC), India's largest fuel retailer said, "The current level of international product prices of Petrol & Diesel and rupee-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."
"The movement of prices in the international oil market and rupee-dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes."
Fuel retailers such as IOC, Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) revise the rates of petrol and diesel on the 1st and 16th of every month based on oil price and foreign exchange rate.