Petrol price was hiked on Sunday by 36 paisa a litre, while that of diesel by 87 paise per litre in line with firming global rates, said the media report.
This is the first hike in petrol price in five months and the third in diesel rates since October.
"The current level of international product prices of petrol and diesel and Indian Rupee-US Dollar exchange rate warrant an increase in prices, the impact of which is being passed on to the consumers with this price revision," IOC said in a statement.
Last time the price of petrol was on 16 July when rates were increased by 32 paise. Since then prices have been cut on four occasions—by Rs.2.43 on August 1 August byRs.2 on 1 September and by 50 paise on 1 November.
Diesel rates were not changed on 1 November but had been hiked by 95 paise on 16 October and by 50 paise on 1 October.