Petrol and diesel prices were hiked from June 1 as Rs. 1.23 and Rs. 0.89 per litre

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New Delhi, June1:Petrol and diesel prices were hiked on Wednesday, effective from midnight, marking the first increase in fuel prices after a cut two weeks back. Petrol price was increased by Rs. 1.23 and diesel price was increased by Rs. 0.89, tracking global crude oil prices in the trailing fortnight.

Petrol in Delhi will cost Rs. 66.91 per litre from today as against Rs. 65.32 a litre currently. Similarly, a litre of diesel will be priced at Rs. 55.94, as compared to Rs. 54.90 at present, according to the Press Trust of India.

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.

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.