Petrol in Delhi will cost Rs 61.87 per litre as against Rs 59.68 currently, said Indian Oil Corporation, the nation's biggest fuel retailer.

Similarly, a litre of diesel will cost Rs 49.31 compared with Rs 48.33 at present.

The hike comes on the back of a steep Rs 3.07 a litre increase on March 17 and a Rs 1.90 a litre hike in diesel rates.

While this is the second straight increase in petrol price, this is the fourth straight fortnightly increase in diesel rates. The three hikes in diesel rates since February 16 total Rs 3.65 per litre.

State-owned fuel retailers IOC, Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) revise rates of the fuel on 1st and 16th of every month based on the average oil price and the foreign exchange rate in the preceding fortnight.

The revision was due last week, but the retailers chose to defer it by a day.

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