NEW DELHI: Following the recent spurt in oil prices to well over $50 a barrel, state-run Indian Oil Corp (IOC) on Sunday hiked prices of petrol by Rs 1.29 a litre, and of diesel by 97 paise and its effective from midnight.

Earlier on Sunday, subsidised cooking gas prices were increased by Rs 2 and jet fuel rates were hiked by 8.6%. Indian Oil Corporation, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) revise the fuel rates on the 1st and 16th of every month based on the average international price in the previous fortnight. The fuel rates were last revised on December 16.

This is the third increase in petrol price in one month and the second in case of diesel in one fortnight. Petrol price was on December 17 hiked by Rs 2.21 a litre and diesel by Rs 1.79 per litre, excluding local levies. The actual hike after considering VAT came to Rs 2.84 per litre in Delhi for petrol and Rs 2.11 for diesel.

After today’s hike, petrol in Delhi will now cost Rs 70.60 a litre from Monday onwards as compared to Rs 68.94 currently. Similarly, a litre of diesel will from Monday onwards cost Rs 57.82, up from Rs 56.68.

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