Petrol price hiked by Rs1.23/litre, diesel by 89 paise

Petrol price was on Wednesday 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, 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 the tax rate.