The new prices came into effect from Wednesday midnight and showed a massive hike of Rs 24 per litre in petrol prices and Rs 59.16 per litre of high-speed diesel (HSD) – the two products used by everyone directly or indirectly, Finance Minister Miftah Ismail said.
The daily review and revision of prices is based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.
Monday's hike is the 17th hike in May. Notably, the month of May has seen one of the steepest hikes in petrol and diesel prices this year.
India's fuel demand is beginning to flatline after showing signs of returning to life, as consumption dipped 11.7 per cent in July, official data showed.
New Delhi, Mar 14: Railway Minister Dinesh Trivedi after raising passenger fares for the first time in eight years, wants to link the fares to the cost of fuel - increasing or decreasing with changes
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