The retail prices of petrol and diesel have been increased by 30-50 paise per litre from midnight tonight.
While petrol price in Mumbai has been increased by 53 paise, the increase in Delhi and Kolkata is 33 paise, and in Chennai 35 paise.
Price of diesel has been increased by 57 paise in Mumbai, 32 paise in Delhi and Kolkata, and 35 paise in Chennai.
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In accordance with the mechanism, evolved by oil companies to review prices every fortnight after the dismantling of administered price mechanism (APM), it has been decided to hike the oil prices, an Indian Oil release said.
The increase had been moderated and the entire impact of increase in international prices had not been passed on to the consumer, the differential being absorbed by the oil companies, the release said.
The price hike in Mumbai has been comparatively higher because of the recent hike in Octroi on crude oil being processed by Mumbai refineries, the release said.
The increase in other states would depend on the sales tax applicable in those states, it added.
Petrol would cost Rs 30.24 a litre in Delhi against the prevailing Rs 29.91 per litre, while diesel price would go up to Rs 19.23 per litre from Rs 18.91.
This is the fourth consecutive fortnight that prices of transport fuel have been hiked to offset the effect of high international crude prices.
In Kolkata too, the price has been increased by 33 paise from Rs 31.35 per litre to Rs 31.68 per litre.
In Mumbai, there has been an increase of 53 paise in petrol prices from Rs 34.42 per litre to Rs 34.95 per litre.
In Chennai, the price has gone up to Rs 32.77, an increase of 35 paise Rs 32.42 per litre.
The price of diesel in Delhi has been increased by 32 paise from Rs 18.91 per litre to Rs 19.23 per litre.
In Kolkata, the diesel price has been increased from Rs 20.30 per litre to Rs 20.62 per litre, an increase of 32 paise.
In Mumbai, the price has been hiked by 57 paise from the present Rs 23.97 per litre to Rs 24.54 per litre. In Chennai, the price has increased by 35 paise.
Prices of petrol and diesel have witnessed a 15-20 per cent increase over the last 3-4 months due to the spiralling cost of international price of crude oil.
Only last fortnight, the prices of petrol and diesel were hiked by around 28 paise.