New Delhi : Petrol and diesel prices will go up by 75 paise and 50 paise a litre, excluding taxes, state-run oil marketing company Indian Oil Corporation said.

The prices were last hiked on December 21 following the government’s decision to raise commission paid to petrol pump dealers and firming global oil rates.

Petrol will cost Rs.72.43 a litre in Delhi from midnight tonight, up 91 paise from Rs.71.52 currently.

The price of diesel in Delhi will be hiked by 56 paise, including tax, to Rs.54.34 per litre, while it will cost Rs.61.42 a litre in Mumbai as against Rs.60.80 currently.

Diesel price increase is in line with the January 2013 decision of the government to raise rates by up to 50 paise per month till such time that the entire losses on the fuel are wiped out, and prices made market determined.

Announcing the price hike, Indian Oil Corp, the nation’s largest fuel retailer, said that even after the 12th price hike since last January the oil companies are incurring Rs.9.24 per litre loss on sale of the fuel.

Officials said the price revision was due on January 1 but the oil companies did not change rates as they were wary of the decision being dubbed as ‘New Year Gift’ to consumers.

The Diesel price was last hiked by 10 paise on December 21 when the commission paid to petrol pump dealers was increased by the government.

Since last January, diesel rates have risen by a cumulative Rs.7.19 this year.