New Delhi: Petrol price was hiked by 64 paise per litre on Monday while diesel price was lowered by Rs 1.35 per litre. Earlier to this, the fuel prices were raised on May 15 last. The last hike was stationed at petrol with Rs 3.13 hike per litre while diesel was made costlier by Rs 2.71 per litre.
The two consecutive hikes – on May 1 and May 16 – have wiped away more than one-third of the gains that had accrued to consumers when global oil prices began to fall in August last year.
Petrol and diesel prices are market-linked. The government deregulated diesel prices in October last year, which means it no longer decides the selling price of the fuel in the country.