Petrol price increased by ₹ 3.38 a litre, diesel by ₹ 2.67

After the change petrol will cost ₹ 63.47 a litre in Delhi while diesel will cost ₹ 52.94 a litre.

"During the current fortnight, crude oil prices in the international market have witnessed a steep increase by 13 per cent (over $ 5 per barrel) compared to previous fortnight, with a corresponding increase in the international prices of petroleum products. The current level of international prices warrant an increase in prices of petrol and diesel, the impact of which is being passed on to the consumers," Indian Oil Corporation said in a statement.

Defending the quantum of increase, the company said that retail selling prices of petrol and diesel have been reduced on four occasions in the last two months on the back of decreasing international oil prices.

"As a consequence, the prices in Delhi were reduced by ₹ 5.56 a litre for Petrol and ₹ 4.92 a litre for diesel...The movement of prices in the international oil market and rupee-US Dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes," the company added.