Petrol price has been hiked by 2 rupees 35 paise per litre, and diesel by 50 paise. This will come in to force by midnight tonight. The increase is due to falling rupee and firming of international oil prices. Announcing the increase, Indian Oil Corporation said the price excludes local sales tax or VAT.

Petrol price in Delhi will be 74 rupee 10 paise per litre, while it will cost 81 rupees 57 paise per litre in Mumbai. This is the sixth increase in rates since June.

Diesel price in Delhi has been hiked by 57 paise to 51.97 per litre while it will cost 58.86 in Mumbai. Today's hike is the eighth since the January 17. Most of the losses on diesel sales should have been wiped off by now to make the fuel market priced. But the fall in rupee, around 25 per cent since April, has worsened the situation and oil firms are losing 12.12 rupees per litre despite prices being raised by a cumulative 4.75 rupees this year.

IOC said in a statement that the rupee-dollar exchange rate continues to be extremely volatile. Also, geopolitical situation in Wes Asia is mounting pressure on international oil prices.