In their bi-weekly review of fuel prices, state-owned oil companies on Thursday raised the cost of petrol by 58 paise a litre, and cut diesel rates by 31 paise a litre. This means petrol will cost Rs 64.21 a litre in Delhi and diesel will cost Rs 52.59 a litre. The new prices became effective from midnight.

Indian Oil Corporation said the prices were changed based on the international cost of oil and the rupee-dollar exchange rate. The rupee ended at 67.02 on Thursday, falling after rumours that the Finance Ministry was going to discuss devaluing it. This ministry later dismissed the speculation.