Petrol price hiked by Rs 1.23/litre, diesel by 89 paise

New rates of petrol and diesel to be effective from midnight. (PTI)

New Delhi: Petrol price was today hiked by Rs 1.23 per litre and diesel by 89 paise a litre in sync with rising international fuel rates. The increase in price, effective midnight tonight, comes on the back of a Rs 2.16 per litre cut in petrol and Rs 2.10 a litre reduction in diesel prices effected from May 16. Petrol price in Delhi will cost Rs 66.91 per litre from tomorrow as against Rs 65.32 a litre currently. Similarly, a litre of diesel will be priced at Rs 5.94, as compared to Rs 54.90 at present. Announcing the price hike, Indian Oil Corp (IOC), 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," IOC said in a statement. The movement of prices in the international oil market and INR-USD exchange rate will continue to be monitored closely and developing trends of the market will be reflected in future price changes, it said.