Petrol price has been hiked by 1 rupee 6 paise per litre and diesel by 2 rupees 94 paise a litre. The new rates came into effect from midnight last night. AIR correspondent reports that the hike comes on the back of last month's 74 paise cut in petrol price and 1 rupee 30 paise cut in diesel price. The petrol will, now, cost 62 rupees 19 paise in Delhi, 65 rupees 73 paise in Kolkata, 66 rupees 71 paise in Mumbai and 61 rupees 64 paise in Chennai. For diesel, the consumer will have to pay 50 rupees 95 paise per litre in Delhi, 52 rupees 97 paise in Kolkata, 56 rupees 61 paise in Mumbai and 51 rupees 78 paise in Chennai. Indian Oil Corporation , the nation's largest fuel retailer, 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 the consumers with this price revision.State-owned fuel retailers – IOC, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited – revise rates of the fuel on 1st and 16th of every month based on the average oil price and the foreign exchange rate in the preceding fortnight.