Petrol turns dearer by Rs 1.23 per litre, Diesel by 89 paise per litre

New Delhi: The Indian Oil Corporation on Wednesday raised the petrol price by Rs 1.23 per litre and diesel by 89 paise per litre excluding state levies.

The reformed prices will come into effect from midnight.

Prices of the two main transportation fuels were last hiked on May 1, when petrol price was increased by 1 paise per litre, while that of diesel was raise by 44 paise a litre.

"The current level of international product prices of petrol and diesel and INR-USD (Indian 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," the oil marketing company said in a statement.

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"The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes."

With IANS Inputs