New Delhi: Petrol price was on Monday night hiked by 83 paise a litre and diesel by 1.26 per litre, the second increase in rates this month.

Petrol in Delhi will cost 63.02 per litre from 16-17 May midnight, while a litre of diesel will cost 51.67, said Indian Oil Corp. (IOC), the nation’s largest fuel retailer.

Rates were last hiked by 1.06 a litre for petrol and 2.94 a litre for diesel on 1 May.

“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," the IOC said.

State-owned fuel retailers IOC, Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Corp. Ltd (HPCL) revise rates of the fuel on 1 and 16 of every month based on the average oil price and the foreign exchange rate in the preceding fortnight.

“The movement of prices in the international oil market and the rupee-dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes," the company added.

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