Petrol price hiked by Rs3.13 a litre, diesel to cost Rs2.71 more per litre

State-owned oil marketing companies have increased the retail selling prices of petrol by Rs3.13 a litre and that of diesel by Rs2.71 per litre, effective midnight tonight, in the second straight steep increase in rates this month.

The price of petrol will go up by Rs3.13 per litre in Delhi (including state levies) with corresponding price revision in other states. With this change, the price of petrol in Delhi will be Rs66.29 per litre, Indian Oil Corporation said in a release.

Retail price of diesel will also go up by Rs2.71 per litre at Delhi (including state levies) with corresponding price revision in other states. Diesel will now cost Rs52.28 per litre in Delhi, the release added.

The second consecutive hike in the prices of petrol and diesel have wiped away more than a third of the gains that had accrued to consumers when global rates began to fall in August last year.

The hike comes on the back of Rs3.96 per litre increase in petrol and Rs2.37 a litre raise in diesel from 1 May.

Indian Oil said since the last revision in prices of petrol and diesel on 1 May, there has been a steep increase in international prices of both petrol and diesel.

The rupee-dollar exchange rate has also depreciated significantly during this period. The combined impact of both these warrant an upward revision in prices, the impact of which is being passed on to the consumers with this price increase, the company said.