Petrol price hiked by Rs 2.19 a litre, diesel 98 paise

Petrol price was today hiked by Rs 2.19 a litre and diesel by 98 paise per litre. Petrol in Delhi will cost Rs 61.87 per litre from the mid-night tonight as against Rs 59.68 currently, said Indian Oil Corporation, the nation's biggest fuel retailer.

Similarly, a litre of diesel will cost Rs 49.31 compared with Rs 48.33 at present.The hike comes on the back of a steep Rs 3.07 a litre increase on March 17 and a Rs 1.90 a litre hike in diesel rates.

While this is the second straight increase in petrol price, this is the fourth straight fortnightly increase in diesel rates. The three hikes in diesel rates since February 16 total Rs 3.65 per litre.

"The current level of international product prices of petrol and diesel and the rupee-US dollar exchange rate warrant increase in price of petrol and diesel, the impact of which is being passed on to consumers with this price revision," IOC said in a statement.

State-owned fuel retailers IOC, Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) revise rates of the fuel on 1st and 16th of every month based on the average oil price and the foreign exchange rate in the preceding fortnight.

The revision was due last week, but the retailers chose to defer it by a day."The movement of prices in the international oil market and the rupee-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes," IOC added.