Petrol price has been hiked by 2 rupees and 58 paise a litre and diesel by 2 rupees and 26 paise per litre. The new rates came into effect midnight last night. Petrol will now cost 65 rupees 60 paise per litre in Delhi after the increase while diesel will cost 53 rupees 93 paise per litre. The last hike was made on May 17. Indian Oil Corporation said, the current level of international product prices of petrol and diesel and Rupee-Dollar exchange rate warrant increasein prices of petrol and diesel.