Petrol & Diesel Prices To Be Hiked On Midnight of May 31

The petrol and diesel prices in India are going to hike from the midnight of May 31, in accordance of the daily fuel price data released by Indian Oil. On May 25, a price difference of 86 paisa to Rs 2 cropped up per litre of petrol and between 48 paisa and Rs 1.59 for diesel.

There was a price difference a week before the fortnightly revision too. The difference was reportedly narrowed out in the cut that took place on May 15. A revision of Rs 2 on petrol and diesel was implemented then. Now, public sector oil companies are expected to revise their fortnightly price of petrol and diesel on May 31 midnight.

Mimicking the way global oil pricing works, fuel prices are changing on a fortnightly basis in Visakhapatnam, Puducherry, Jamshedpur, Chandigarh and Udaipur. The prices in Visakhapatnam, Jamshedpur and Udaipur are comparable to Ranchi, Hyderabad and Jaipur due to similar tax levies.

The petrol price in Visakhapatnam stood at Rs 71.79 per litre and Rs 61.46 for May 15-31. The moving average of the product price for the 15 days is taken into consideration for deciding the price of fuel in these five places.

Story Credit: Business Line