Petrol prices hiked by 5 paise/litre, diesel by Rs. 1.26

Fuel prices have again been increased in the country. Petrol now costs 5 paise more per litre, while diesel gets a push of Rs. 1.26 per litre. This marks the fourth fuel price hike in the last six weeks. The increased rates have been made applicable from the midnight of Wednesday, 15 June 2016.

After this recent price hike, petrol will now cost Rs. 65.65 per litre, while diesel will be tagged at Rs. 55.19 per litre.

The fuel prices earlier suffered a huge hike on June 1, when Petrol price was increased by Rs. 2.58 per litre and diesel by Rs. 2.26 per litre. Cumulatively, petrol prices have risen by about Rs. 4.52 per litre in the last four hikes since May 1, while diesel prices have suffered an increment of Rs. 7.72 per litre.

State-owned fuel retailers like Bharat Petroleum Corporation Ltd. (BPCL), Indian Oil Corp (IOC), and Hindustan Petroleum Corporation Ltd (HPCL) revise fuel prices on the 1st and 16th of each month. The hike or drop in prices is calculated after considering the Rupee-Dollar exchange rates and international crude oil prices.