Petrol price hiked by Rs1.23 per litre, diesel by 89 paise

State-run oil marketing companies have announced a Rs1.23 per litre hike in the price of petrol and an 89 paise increase in the price of diesel, effective Thursday (the intervening midnight of 31 May and 1 June) in line with rising international crude oil prices and rupee-dollar exchange rate.

According to a press release issued by top fuel retailer Indian Oil Corporation, petrol in Delhi will cost Rs66.91 per litre from Thursday as against Rs65.32 a litre eearlier. Similarly, a litre of diesel will cost Rs55.94, compared to Rs54.90 earlier.

The latest price hike comes on the back of a Rs2.16 per litre reduction in petrol and Rs2.10 a litre reduction in diesel prices effected 16 May.

A litre of petrol (non-branded) will cost Rs78.44 in Mumbai, Rs69.52 in Kolkota and Rs69.93 in Chennai.

A litre of diesel (non-branded) will cost Rs61.67 in Mumbai, Rs58.28 in Kolkota and Rs59.22 in Chennai

Announcing the price hike, Indian Oil Corp. Ltd, the nation's largest fuel retailer, said the rates have been hiked excluding local state levies or VAT, and actual increase will be higher depending on tax rate.

''The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision,'' Indian Oil said in its statement.

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

Indian Oil Corp also announced daily rates for petrol and diesel in select centres for 1 June.

Petrol has been priced at Rs67.20 per litre in Chandigarh, Rs68.97 in Jamshedpur, Rs65.59 in Puducherry Town, Rs70.11 in Udaipur and Rs72.21 per litre in Vishakapatnam.

Diesel prices have been fixed at Rs56.88 a litre in Chandigarh, Rs59.38 in Jamshedpur, Rs57.83 in Puducherry Town, Rs60.35 in Udaipur and Rs62.05 a litre in Vishakpatnam.