Petrol Price Hiked by Rs 2.19/Litre, Diesel by 98 Paise/Litre

New Delhi: Petrol price was on Monday raised by Rs 2.19 per litre while diesel rate was increased by 98 paise per litre.

Petrol in Delhi will cost Rs 61.87 per litre from the midnight of Monday and Tuesday as against Rs 59.68 currently, said Indian Oil Corporation, the country's largest fuel retailer. Similarly, a litre of diesel will cost Rs 49.31 as against Rs 48.33 at present.

The hike comes on the back of steep increases of Rs 3.07 per litre and Rs 1.90 per litre on petrol and diesel rates, respectively, on March 17. (Read more)

While this is the second straight increase in petrol price, it 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.

Petrol and diesel prices in India are deregulated, which means they are linked to global rates.

State-owned fuel retailers IOC, Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) revise fuel rates on the 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-dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes," IOC added.