The Indian Oil Corporation (IOC) has revised the petrol and diesel prices with effect from 16 June (Tuesday) midnight. Making Diesel cheaper by Rs 1.35, the rate of petrol has been increased by 64 paise.
The new revised rates are a result of the change in the trend over the international prices of fuel since the last price hike on the beginning of June.
It has to be noted that the state-owned fuel retailers will be revising the prices on the 1st and 16th of every month depending on the rupee-dollar exchange data and average imported cost.
"Since last price change, there has been an increase in international prices of petrol while international prices of diesel have shown a downward trend.
"Indian rupee-US dollar exchange rate has depreciated during this period. Combined impact of these factors warrant an upward revision in prices of petrol and a downward revision in prices of diesel, the impact of which is being passed on to the consumers with this price change," IOC said in a statement.
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