Highlights Petrol price hiked by Rs 2.58/litre, diesel by Rs 2.26/litre

A litre of petrol to cost Rs 65.60 in Delhi, diesel Rs 53.93

Current level of global oil rates warrant price hike, said Indian Oil

Petrol price was on Tuesday hiked by Rs 2.58 per litre while diesel rate was increased by Rs 2.26 per litre. Revised prices will take effect from the midnight of May 31 and June 1.After Tuesday's revision, a litre of petrol will cost Rs. 65.60 in Delhi (including state levies) whereas diesel will retail at Rs. 53.93/litre, said Indian Oil Corporation (IOC), the country's largest fuel retailer.Prices of the fuels were last revised on May 16, when petrol was made more expensive by 83 paise a litre whereas diesel rate was revised upwards by Rs 1.26 per litre. ( Read more "The current level of international product prices of Petrol & Diesel and rupee-dollar exchange rate warrant increase in price of Petrol and Diesel, the impact of which is being passed on to the consumers with this price revision," Indian Oil said.State-owned fuel retailers IOC, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the rates on the 1st and 16th of every month based on the average oil price and the foreign exchange rate in the preceding fortnight.The rupee lost 10 paise against the US dollar to settle at 67.26 on Tuesday. It is down 0.7 per cent against the greenback since May 16. ( Read more "The movement of prices in the international oil market and rupee-dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes," it added.