Petrol prices hiked for fifth consecutive day

Petrol prices were revised by around 10-11 paise per litre on Monday, May 27, while diesel rates were kept unchanged.

Price of petrol was revised to ₹71.77 per litre in Delhi and ₹77.38 per litre in Mumbai, from ₹71.67 per litre and ₹77.28 per litre the previous day, according to notifications from Indian Oil. Hiked prices came into effect from 6am on May 27.

The price of diesel was unchanged at ₹66.64 per litre in Delhi and ₹69.83 per litre in Mumbai - the same levels as the previous day, according to Indian Oil Corporation (IOC).

The prices of petrol and diesel in the country are reviewed by state-run oil marketing companies such as Indian Oil Corporation on a daily basis.

The domestic fuel prices vary from state to state, and are determined broadly by the global crude oil and rupee-dollar forex rates.