Petrol price hiked by Rs1.34 per litre, diesel to cost Rs2.37 more

State-run oil marketing companies on Saturday announced a Rs1.34 per litre hike in the retail selling prices of petrol and a Rs2.37 per litre hike in diesel prices - the fifth increase in two months, on back of firming up of global oil prices.

After including local VAT, petrol now costs Rs66.05 a litre in Delhi from midnight of Saturday / Sunday against the earlier Rs64.72 per litre. Diesel costs Rs55.26 per litre against Rs52.61 a litre earlier.

Similarly, a litre of petrol now costs Rs72.83 in Mumbai, Rs69.08 in Kolkata and Rs65.96 in Chennai.

A litre of diesel costsRs61.05 in Mumbai, Rs57.64 in Kolkata and Rs56.95 in Chennai.

The price of petrol was last hiked by 14 paise per litre and that of diesel by 10 paise a litre on 5 October, following an increase in commission paid to dealers.

The hike in commission followed hike in petrol price hiked on three occasions and a reduction in diesel price by 8 paise a litre on 1 October.

"The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant increase in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision," Indian Oil Corp (IOC) said in a statement.

The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, it said.