Petrol price hiked by Rs 1.23 a litre, diesel by 89 paise

To cope up with rising fuel rates atthe global level, the Indian Oil Corp (IOC) on late Wednesday hiked the petrol and diesel prices. According to latest decision, petrol price was hiked by Rs 1.23 per litre and diesel by 89 paise a litre.

Petrol price in Delhi will cost Rs 66.91 per litre from June 1 as against Rs 65.32 a litre currently. Similarly, a litre of diesel will be priced at Rs 55.79, as compared to Rs 54.90 at present.

However, 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.