Petrol price hiked by Rs 3.13 a litre, diesel by Rs 2.71 per litre, with effect from midnight tonight

New Delhi: Indian Oil Corp(IOC.NS) will raise the retail prices of diesel by 5.5 per cent and petrol by about 5 per cent from Saturday as global prices of the two fuels have increased and the rupee has depreciated against the dollar since the last revision.

The retail price of petrol, will rise by 3.13 rupees per litre while diesel prices will increase by 2.71 rupees, a company statement showed.

India's three state-controlled oil companies IOC, Bharat Petroleum Corp Ltd (BPCL.NS) and Hindustan Petroleum Corp Ltd (HPCL.NS) tend to move the retail prices of fuels in tandem.