The price of petrol has been hiked by 89 paise per litre and diesel by 86 paise a litre excluding local sales tax. The new prices came into effect midnight last night.Now, Petrol will cost 67 rupees 62 paise per litre in Delhi, 70 rupees 24 paise in Kolkata, 74 rupees in Mumbai and 67 rupees 13 paise in Chennai. The revised cost of Diesel will 56 rupees 41 paise per litre in Delhi, 58 rupees 67 paise in Kolkata, 62 rupees 15 paise in Mumbai and 58 rupees two paise in Chennai.Indian Oil Corporation in press release said that the hike in the price of petroleum products was necessitated due to increase in international prices and change in rupee-dollar exchange rates.