Petrol will cost Rs 61.06 per litre with effect from last midnight as against Rs 60.70 a litre currently, said Indian Oil Corp, the nation's largest fuel retailer. A litre of diesel will now cost Rs 46.80 as compared to Rs 45.93 per litre currently.

"The current level of international product prices of petrol and diesel and Indian Rupee-US Dollar exchange rate warrant an increase in prices, the impact of which is being passed on to the consumers with this price revision," IOC said in a statement here.

Last time the price of petrol was on July 16 when rates were increased by 32 paise. Since then prices have been cut on four occasions, by Rs 2.43 on August 1.27 on August 1, by Rs 2 on September 1 and by 50 paise on last price change on November 1.

Diesel rates were not changed on November 1 but had been hiked by 95 paise on October 16 and by 50 paise on October 1. Rates of diesel were on September 1 reduced by 50 paise a litre.

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