Diesel prices hiked by ₹1.26, Petrol by five paise

Diesel prices were hiked by ₹1.26 a litre and Petrol by 5 paise a litre on Wednesday, the fourth increase in rates in six weeks.

Petrol will cost ₹65.65 a litre in Delhi from midnight tonight as compared to ₹65.60 per litre currently, Indian Oil Corp, the nation's largest fuel retailer, announced.

Similarly, diesel will cost ₹55.19 per litre as against ₹53.93 a litre currently. This is the fourth increase in auto fuel prices since May 1. Petrol price was last hiked by ₹2.58 a litre on June 1 and diesel by ₹2.26 a litre following oil prices crossing $50 per barrel mark.

Petrol prices in the four hikes have been raised by ₹4.52 a litre, while diesel rates have gone up by ₹7.72 per litre.

"The current level of international product prices of petrol and diesel and Rupee-US Dollar exchange rate warrant increase 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.

Barring an exemption on April 16, when the price of petrol was cut by 74 paise a litre and diesel by ₹1.30, the upward trend in rates has been a phenomenon since March 17.

Petrol price was increased by ₹3.07 a litre on March 17 and ₹2.19 per litre on April 4. In the lcase of diesel, there were four straight hikes prior to that cut. The hikes totalled ₹ 4.63 per litre.

After discounting the April 16 reduction, petrol prices have jumped by ₹9.04 per litre since mid-March and diesel by ₹11.05 per litre.

The movement of prices in the international oil market and 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.