The government on Saturday hiked the petrol price by ₹1.34 a litre, the fifth increase in two months, and diesel by ₹2.37 a litre in wake of spike in global rates.
The hike announced by oil companies is excluding state levies.
After including local VAT, petrol will now cost ₹66.05 a litre in Delhi from midnight on Saturday as against ₹64.72 per litre currently. Diesel will cost ₹55.26 per litre as against ₹52.61 a litre currently.
The petrol price was last hiked by 14 paise per litre and diesel by 10 paise a litre on October 5, following an increase in commission paid to dealers.
Prior to that, petrol price had been hiked on three occasions while diesel price was cut by 8 paise a litre on October 1.
“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.