The price of petrol and diesel in India has been raised by Rs 2.58 per litre and 2.26 per litre respectively. The new prices have come into effect from June 1, 2016 midnight. The price hike is exclusive of state, local and value added taxes. The Indian Oil Corporation has released a statement saying the international crude oil price and the INR-USD exchange rate has warranted the increase in price.
It further stated that it will closely monitor the movement of prices in the international oil market as well as the INR-USD exchange rate and any changes will reflect in the price of these fuels in India.
The price of diesel in Mumbai has been revised to Rs 59.21 per litre. It retailed for Rs 56.81 before the hike. The price of petrol has gone up from Rs 66.21 per litre to Rs 70.18 per litre.
The last revision in prices for petrol and diesel was seen in February 2016 where the price of petrol was dropped by 32 paise per litre while the price of diesel was raised by 28 paise per litre. The latest hike in price is quite steep and will surely blow a wide hole in the common manâ€™s pocket.