On Monday, petrol price increased by Rs 0.83 per litre and diesel by Rs 1.26 per litre. The change in price will be effective from midnight on Monday.

In Delhi, petrol will cost Rs. 63.02 per litre from midnight as against Rs 62.19 per litre at present, and the Diesel will cost Rs 52.21 per litre as against Rs 50.95 per litre currently.

As per IOC, "The current level of international product prices of petrol and diesel and the rupee-US Dollar exchange rate warrant increase in price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision".

On 1st and 16th of every month, State-owned fuel retailers IOC, Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL), revise rates of the fuel based on the average oil price and the foreign exchange rate in the preceding fortnight.

The company added, "The movement of prices in the international oil market and the rupee-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes".