The hike announced by oil companies based on the movement of prices in the five cities, including Vishakapatnam. The petrol price was revised downward to Rs69.74 per litre and diesel Rs59.87 per litre in Hyderabad on May 15 when petrol price was cut by Rs2.94 per litre and diesel by Rs2.66 per litre.
“The fortnightly revisions will continue to trail the daily fuel price revision trends,” an oil marketing company official said.
On May 27 petrol price in Visakhapatnam was Rs72.06 per litre. The diesel prices went up Rs1.16, from Rs60.57 to Rs61.73. Prices are revised on the 1st and 16th of every month based on the average international price of fuel in the preceding fortnight.
Public sector oil marketing companies are expected to announce the fortnightly price of petrol and diesel on May 31 midnight.