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New Delhi: State-run Indian Oil Corp (IOC) on Wednesday announced a big hike in transport fuel rates, increasing petrol by Rs.3.07 a litre and diesel by Rs.1.90 — both at Delhi, with corresponding increase in other states.

The hikes will be effective midnight on Wednesday, the company said adding that the hardening of global crude oil rates warranted such an increase.

“The current level of international product prices of petrol and diesel and the INR-USD exchange rate warrant increase in prices of petrol and diesel, the impact of which is being passed on to the consumers with this price revision,” IOC said in a statement here.

Petrol per litre from Thursday will cost Rs.59.68 in Delhi, Rs.63.76 in Kolkata, Rs.65.79 in Mumbai and Rs.59.13 in Chennai,

The price of diesel per litre will be Rs.48.33 in Delhi, Rs.50.75 in Kolkata, Rs.55.06 in Mumbai and Rs.49.09 in Chennai.

In its previous fortnightly revision of prices earlier this month, Indian Oil moved in contrary directions cutting the petrol price by over Rs.3 a litre, but raising diesel by Rs.1.50.

The Indian basket of crude oils, composed of 73 percent sour grade Dubai and Oman crudes and the rest by sweet grade UK Brent, closed on the previous trading day on Tuesday at $35.42 a barrel of 159 litres, after having fallen below $25 earlier in the year.