Petrol price was increased by Rs 2.19 per litre and diesel rates by 98 paise per litre. The new rates has come into effect from midnight of Monday.

Earlier, the petrol price per litre was Rs. 59.68 and now it is 61.87 and 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 17th.

Regarding petrol prices, this is the second straight increase and it is a fourth straight fortnightly increase in the diesel rates. Since February 2016, the three hikes in the diesel rates, totaled Rs 3.65 per litre.

Indian Oil Corporation said in a statement said, “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.”

In India, the petrol and diesel prices are deregulated, which means they are linked to global rates.

Based on the average oil price and the foreign exchange rate in the preceding fortnight, the 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.

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.

By Phani Ch