Petrol price was today hiked by Rs 1.50 per litre and diesel by 45 paise a litre with effect from midnight tonight.

While petrol rates have been revised in step with the steep rise in international rates, oil firms used the newly accorded freedom to increase diesel price in small dozes to effect the second price adjustment in one month.

The increase announced is excluding local sales tax or VAT and the actual hike for consumers would be more after the incidence of duty is included.

Petrol price in Delhi will go up by almost Rs 1.80 per litre after taking into account 19 per cent VAT. Diesel rates would go up by 51 paise.

New rates for petrol in Delhi would be Rs 69.05 per litre, while a litre of diesel will cost Rs 48.16.

Petrol price was last revised on January 18 when the price was cut by 30 paise to Rs 67.26 a litre in Delhi.

The reduction in rates on that day coincided with the government decision to give oil firms freedom to raise diesel prices in small monthly dozes to eliminate all of the losses on the fuel. Oil firms hiked diesel price on that day by 50 paise to Rs 47.65 a litre in Delhi.