Petrol And Diesel Prices Hiked

From the midnight of May 31 and June 1, the prices of petrol and diesel have been hiked by Rs. 2.58 per litre and Rs. 2.26 per litre, respectively.

On the 17th of May, diesel prices were hiked by Rs. 1.26 per litre whereas the petrol prices went up by Rs. 0.83 per litre. Similarly, on the 1st of May, petrol prices were hiked by Rs. 1.06 per litre and diesel went up by Rs. 2.94 per litre.

The revised prices now stand at Rs. 65.60 for a litre of petrol whereas diesel will now retail at Rs. 53.93 per litre. 

Oil companies like IOC (Indian Oil Corporation), BPCL (Bharat Petroleum Corporation Ltd) and HPCL (Hindustan Petroleum Corporation Ltd) usually revise the fuel prices twice every month on the basis of average oil price and the foreign exchange rate (INR- USD). 

From 2010, oil companies have had the liberty to increase or decrease the prices of fuel by themselves based on the global price movement. Even though that may be the case, state governments have been able to manipulate the fuel prices by increasing or decreasing taxes on them.

NGT (National Green Tribunal) has banned diesel-powered vehicles over 2.0-litre engine capacity in Kerala recently. Read more about it here.