Petrol price on Monday increased by Rs 0.83 per litre and diesel by Rs 1.26 per litre.

Petrol and diesel price increased by Rs. 0.83/litre & Rs. 1.26/litre respectively with effect from midnight tonight. — ANI (@ANI_news) May 16, 2016

The change in price will be effective from midnight on Monday.

Petrol in Delhi will cost Rs 63.02 per litre from midnight as against Rs 62.19 per litre currently. Similarly, diesel will cost Rs 52.21 per litre as against Rs 50.95 per litre at present.

"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," the IOC said.

The hike comes on the back of an increase of Rs 1.06 and Rs 2.94 per litre on petrol and diesel respectively on April 30.

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

"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," the company added.

(With inputs from PTI)