New Delhi, Feb 28 : Petrol price was raised Friday by 60 paise a litre, minus taxes, while the diesel rate was hiked by 50 paise per litre. The revised prices will take effect from midnight, it was announced.

Diesel prices were last increased by 50 paise per litre on Jan 31, while petrol price was kept unchanged.

Allowing for local taxes, the price of petrol per litre will be Rs. 73.16 in Delhi, Rs. 80.96 in Kolkata, Rs. 82.07 in Mumbai and Rs. 76.48 in Chennai, while that of diesel per litre for the four metros, respectively, will be Rs. 55.48, Rs. 60.09, Rs. 63.86 and Rs. 59.17.

Announcing the rates, Indian Oil specified that the petrol hike in Mumbai, Kolkata and Chennai is "due to revision in state specific cost".

While the price of petrol is market determined, the diesel price increase is in line with the government's January 2013 decision to raise rates by 50 paise every month till the entire under-recovery, or losses, on sale of diesel are wiped out.(IANS)