New Delhi: The price of Petrol was hiked by Rs 1.39 per litre and diesel by Rs 1.04 a litre excluding state levies with effect from Sunday. 

Actual increase in price will be more after taking into account local VAT. Petrol in Delhi currently costs Rs 66.29 a litre while a litre of diesel is priced at Rs 55.61. 

The hike came on back of a Rs 4.85 per litre reduction in rates of petrol and Rs 3.41 a litre in diesel effected from April 1. 

Indian Oil Corporation said in a statement that the current level of international fuel product prices and INR-USD 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.

IOC added that it intends to start a pilot project in select cities daily for daily revision of petrol and diesel prices.