Oil marketing companies (OMCs) hiked petrol price by Rs 1.23 a litre and diesel price by 89 paise a litre excluding state levies w.e.f midnight of June 1, 2017. The move to increase the price comes after the price for petrol were cut by Rs 2.16 per litre and Rs 2.10 a litre for diesel prices on May 16.

Petrol in Delhi will cost Rs 66.91 per litre from Thursday as against Rs 65.32 a litre currently. Similarly, a litre of diesel will be priced at Rs 55.94, as compared to Rs 54.90 at present.

Commenting on the price oil marketing companies, largest OMC, Indian Oil Corporation (IOCL) said, ''The current level of international product prices of Petrol & Diesel and INR-USD exchange rate warrant decrease in selling price of Petrol and Diesel, the impact of which is being passed on to the consumers with this price revision.''

''The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes,'' it added.