Petrol price was hiked by Rs 1.39 a litre with effect from Sunday, and the price of diesel has gone up by Rs 1.04 a litre. The hike announced is excluding state levies and the actual increase in the price will be reflected after taking local value added taxes into account.

“The current level of international product prices of petrol and diesel and INR-USD 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,” the Indian Oil Corporation said in a statement. The company also said it would monitor dollar exchange rate and that the developing trends of markets will decide the future price changes.

Starting from May 1, state-run oil corporations will revise the prices of petrol and diesel every day to reflect the volatility in the markets. “IOCL intends to shortly start daily changes in price of petrol and diesel based on movement of prices in international market, on pilot basis, in the cities of Udaipur, Jamshedpur, Pondicherry, Chandigarh and Vishakapatnam,” the oil company said in its statement.