Oil marketing companies (OMC) raised price of petrol and diesel by Rs. 3.13 per litre and Rs. 2.71 per litre respectively with effect from midnight of May 15 and 16, 2015. With this change, petrol will cost Rs. 66.29 per litre and diesel will cost Rs. 52.28 per litre in Delhi. Earlier, OMC's raised prices of petrol and diesel on May 1.

Commenting on the price hike, Indian Oil Corporation (IOC) said, 'Since last price change, there has been a steep increase in international prices of both Petrol & Diesel. INR-USD exchange rate has also depreciated quite significantly during this period. Combined impact of both these factors warrants an upward revision in prices, the impact of which is being passed on to the consumers with this price increase.'

'The movement of prices in international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes,' IOC said.