Petrol prices go up by 70 paise a litre from midnight

State-run oil marketing companies have announced a 70 paise per liter increase in retail prices of petrol from midnight tonight.

The hike, which comes after two successive rounds of rate cuts last month, has been triggered by an increase in the price of the Indian basket of crude over the past one month, Indian Oil Corporation (IOC), the country's top oil retailer, said.

The basket is currently ruling above $104 a barrel, as per data released by the Petroleum and Planning Analysis Cell (PPAC).

Accordingly, the prices of petrol would be Rs68.48 in Delhi, Rs74.23 in Mumbai, Rs73.16 in Chennai, Rs73.61 in Kolkata, Rs75.80 in Hyderabad and Rs77.30 in Bangalore, from midnight tonight.

The actual price rise would, however, vary from state to state, depending on local taxes.

"It has been decided by Indian Oil Corporation to increase petrol prices by Rs0.70/litre with effect from midnight of 23-24 July, 2012," IOC said in a statement.