Petrol price was on Sunday hiked by Rs 1.29 per litre while diesel rate was increased by Rs 0.97 per litre (excluding state levies).
After this revision, petrol will retail at Rs 70.60 per litre in the national capital, while diesel will be sold at 57.82 per litre - applicable from the midnight of January 01, 2017 and January 02, 2017, said Indian Oil Corporation, the country's largest fuel retailer.
Petrol prices in other major cities will be Rs 73.13 in Kolkata, Rs 76.91 in Mumbai, and Rs 70.07 in Chennai, whereas diesel rates will be Rs 60.06, Rs 63.61, and Rs 59.47, respectively.
Fuel prices were last revised on December 16, when petrol was made more expensive by Rs 2.21 a litre while diesel was made dearer by Rs 1.79 per litre.
Petrol and diesel prices are deregulated in India - which means they are linked to market rates.
Oil companies - Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation - revise prices on the 1st and 16th every month based on the global oil rates and the foreign exchange rate in the previous fortnight.
Global oil rates recovered more than five per cent since the previous domestic price revision. On Friday, Brent crude settled down 3 cents, or 0.05 per cent, at $56.82 a barrel, and US crude settled down 5 cents, or 0.09 per cent, at $53.72.
Saturday's price revision marks an overall Rs 9.56 per litre increase in case of petrol and Rs 10.62 in case of diesel during 2016. On December 31, 2015, petrol and diesel retailed at Rs 59.98 and Rs 46.09 in the national capital in Delhi, respectively.
Brent rose 52 per cent in 2016 and WTI climbed around 45 per cent - the largest annual gains since 2009 when the benchmarks rose 78 per cent and 71 per cent, respectively.
Meanwhile, aviation turbine fuel (ATF) or jet fuel price was also hiked by 8.6 per cent and subsidised LPG rate raised by Rs 2 per cylinder which is the eighth increase in cooking gas price in seven months.
ATF or jet fuel price was hiked by Rs 4,161 per kilolitre (kl), or 8.6 per cent, to Rs 52,540.63 per kl in Delhi. The hike comes on back of a 3.7 per cent cut in rates last month.
The subsidised LPG rate was hiked by Rs 2 per 14.2-kg cylinder and it will now cost Rs 434.71 a cylinder as against Rs 432.71 previously.
(With agency inputs)
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