Petrol price was hiked by 42 paisa a litre, the fourth increase in 6 weeks, and diesel rate was raised by Rs 1.03 a litre, the second hike in a fortnight.
The increase in rates, which were effective from last midnight, are excluding state levies and the actual hike will be higher, the oil companies announced.
After including VAT, the hike in Delhi comes to 53 paisa and in case of diesel it will be Rs.1.20 a litre.
Petrol will cost Rs.71.13 a litre from midnight as against Rs.70.60 currently. Similarly, a litre of diesel will be priced at Rs.59.02 as opposed to Rs.57.82 currently.
This is the fourth increase in petrol price in six weeks and the third in case of diesel in one month.
Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) revise rates on 1st and 16th of every month based on average international price in the previous fortnight.
"The current level of international product prices of petrol and diesel and Rupee-US Dollar exchange rate warrant increase in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision," IOC said in a statement.
It said the movement of prices in the international oil market and foreign exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes.