New Delhi: Petrol price was on Friday hiked by Rs3.13 a litre and diesel by Rs2.71 per litre, the second straight steep increase in rates this month.

The hike, which comes on the back of Rs3.96 per litre increase in petrol and Rs2.37 a litre raise in diesel from 1 May, will be effective from Friday midnight.

Prices of petrol in Delhi will be 6.29 a litre from Friday midnight as against the current 3.16; while diesel will cost 2.28 per litre as against 49.57, Indian Oil Corp (IOC), the nation’s largest oil company, said.

The two consecutive hikes have wiped away more than one-third of the gains that had accrued to consumers when global rates began to fall in August last year.

“Since last price change (effective 1 May), there has been a steep increase in international prices of both petrol and diesel. Rupee-US dollar exchange rate has also depreciated quite significantly during this period.

“Combined impact of both these factors warrant an upward revision in prices, the impact of which is being passed on to consumers with this price increase," IOC said in a statement.

State-owned fuel retailers IOC, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight.

Petrol prices had been cumulatively cut by Rs17.11 a litre in 10 reductions between August and February and diesel by Rs12.96 a litre in 6 cuts between October and February.

After two rates hikes (0.82 a litre in petrol and Rs0.61 per litre in diesel on 16 February, and Rs3.18 per litre in petrol and Rs3.09 a litre in diesel on 1 March) rates were again cut on 2 April (49 paisa a litre in petrol and Rs1.21 in diesel) and on 16 April (80 paise per litre on petrol and Rs1.30 a litre on diesel).

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

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