Diesel prices will go up by 50 paise per litre excluding VAT from midnight tonight. With this hike consumers will now have to pay Rs. 50.26 for a litre in Delhi, Rs.53.54 in Chennai, Rs.54.57 in Kolkata and Rs. 56.99 in Mumbai.

In a statement, Indian Oil Corporation has said that the hike was necessitated due to devaluation of rupee and increase in the international prices.

Even after this increase, the Oil marketing companies (OMCs) are incurring loss of Rs. 8.10 per litre.

The government had authorized OMCs in January this year to increase the retail-selling price of diesel within a small range every month.