Petrol price has been hiked by 58 paisa a litre and diesel cut by 31 paisa per litre in line with international trends. The new rates came into effect from midnight last night.Indian Oil Corporation said, the current level of international prices warrant an increase in price of petrol and decrease in price of diesel, the impact of which is being passed on to the consumers. This is the second increase in rates of petrol this month. Petrol price was last hiked on 1st of September by a steep Rs. 3.38 per litre and diesel by Rs. 2 .67 a litre.