The price of petrol was hiked by Rs 1.23 per litre while that of diesel was increased by 89 paise per litre on Wednesday night. The rates do not include local state levies or VAT. The price hike comes two weeks after rates were slashed.

The new prices were effective from Wednesday midnight. The cost of a litre of petrol in Delhi will now be Rs 66.91 while a litre of diesel in the Capital will cost Rs 55.94, according to PTI. Fuel prices were last revised on May 16.

The Indian Oil Corporation, in a statement, said, “The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision.”

State-run oil corporations now revise the prices of petrol and diesel every day to reflect the volatility in the markets. The daily changes in rates will be based on the movement of prices in the international market. Oil firms will begin with implementing this scheme on a pilot basis in the five cities of Udaipur, Jamshedpur, Puducherry, Chandigarh and Visakhapatnam.