diesel price on that day by 45 paise, which after including VAT led to a 50-paise increase to Rs 47.65 a litre in Delhi.
The price of petrol was last hiked on October 27 when rates went up by 29 paise after government raised commission paid to petrol pump dealers.
IOC said crude oil price has increased from USD 109.08 per barrel at the time of last revision on January 18 to USD 113.24, while international gasoline or petrol prices have risen from USD 119.59 a barrel to USD 128.57.
State-owned companies have been "compelled to pass on the increase in petrol prices to consumers as the they have already suffered losses on sale of petrol so far and trends in international oil market as well as rupee-US dollar exchange rate indicate continued strength."
In fact, currently petrol prices are hovering around USD 132.80 per barrel. "The trends of international oil prices and INR-USD exchange rate shall be closely monitored and the same shall be reflected in future price changes," IOC said in statement.
The company said diesel prices were last revised upward by Rs 0.45 per litre (excluding VAT) on January 18, which resulted in losses on sale of nation's most consumed fuel reducing to Rs 9.15 per litre.
"However, since the last price revision, international diesel prices have also shown continued uptrend. As a result, under-recovery (loss) has gone up to Rs 10.72 per litre which now, with current upward revision of HSD prices by Rs 0.45 per litre, shall stand reduced to Rs 10.27," it said.
In addition to loss on sale of diesel, state-owned fuel retailers are losing Rs 31.60 per litre on kerosene and Rs 481 per 14.2-kg cylinder of domestic cooking gas (LPG).
"Projected under-recovery of IOC on three sensitive products is expected to cross Rs 86,000 crore and of the ndustry (IOC plus BPCL and HPCL) beyond Rs 1,63,000 crore during current year," the statement added.
Following are the revised prices of petrol and diesel at Indian Oil Corp (IOC) petrol pumps in four metros with effect from midnight tonight.
Rates at pumps of Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum