The diesel and petrol price hike is in sync with rising international crude oil prices and rupee-dollar exchange rate, Indian Oil says in a statement

New Delhi: Petrol price was on Wednesday hiked by Rs1.23 per litre and diesel by 89 paise a litre in sync with rising international crude oil prices.

The petrol price hike, effective midnight, comes on the back of a Rs2.16 per litre cut in petrol and Rs 2.10 a litre reduction in diesel prices effected from 16 May.

Petrol in Delhi will cost Rs66.91 per litre from Thursday as against Rs65.32 a litre currently. Similarly, a litre of diesel will be priced at Rs55.94, as compared to Rs54.90 at present.

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 a 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.