Oil marketing companies (OMCs) have hiked petrol prices and slashed diesel prices in the country with effect from today. The price of petrol has been raised by Rs0.64 per litre across the country, while diesel prices have been reduced by Rs 1.35 per litre.

The actual increase or decrease in prices will vary from state to state depending on local VAT taxes.

With the price change, petrol will now cost Rs 66.93 per litre in Delhi and diesel will retail at Rs 50.93 rupees in the capital. The depreciation of rupee against the dollar, hike in international prices of petrol and decline in international price of diesel has resulted in this price revision, Indian Oil Corporation said in a statement.

Petrol and diesel prices are generally revised by state-owned oil marketing companies on the 1st and 16th of every month, and is dependent on the movement of fuel prices in the international market and rupee-dollar exchange rate in the previous fortnight.

However, despite the slight uptrend in international prices, the oil marketing companies did not hike rates on June 1. Prices of petrol and diesel were last revised on May 16, this year.

NISHANT PAREKH