The price of diesel increased marginally on Thursday while petrol prices were kept unchanged for a second straight day.

According to notifications from Indian Oil, with effect from 6 am on May 16, the price of petrol remained at Rs. 71.18 per litre in Delhi and Rs. 76.79 per litre in Mumbai - the same levels as the previous day.

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According to Indian Oil Corporation (IOC), the country's largest fuel retailer, the rate of diesel were revised to Rs. 65.91 per litre in Delhi and 69.05 per litre in Mumbai, as against Rs. 65.86 per litre and Rs. 69 per litre the previous day respectively.

Currently, the domestic prices of petrol and diesel are reviewed by state-run oil marketing companies such as Indian Oil Corporation on a daily basis. Any revisions are effected at the fuel pumps at 6 am.

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Talking about petrol price in metros, it  has been cut by Rs. 1.9-2.02 per litre - or 2.43-2.67 per cent - in Delhi, Mumbai, Kolkata and Chennai so far this month, and the price of diesel lowered by 78-80 paise per litre.