State-owned Indian Oil Corporation Ltd (IOCL) on Friday evening raised prices of petrol by Rs 2.21 and diesel by Rs 1.70 per litre.

"The current level of international product prices of petrol and diesel and the INR-USD exchange rate warrant increase in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision," IOC said in a release.

Now, petrol in Delhi will cost Rs 68.94 a litre and diesel costs Rs 56.68.

On December 1, the rates were last revised when petrol price was hiked by 13 paise a litre and diesel prices were cut by 12 paise.

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Ministry of Petroleum & Natural Gas said that the price of per barrel of Indian basket of crude oil stood at $53.11 on December 14, 2016. 

It said, "In rupee terms, the price of Indian Basket decreased to Rs. 3588.29 per barrel on 14.12.2016 as compared to Rs. 3602.70 per barrel on 13.12.2016. Rupee closed weaker at Rs 67.56 per dollar on 14.12.2016 as against Rs 67.49 per dollar on 13.12.2016."

To promote cashless transactions, Government of India announced to incentivise petrol / diesel customers transacting at PSU petrol pumps by way of 0.75% discount when a customer uses Debit / Credit Cards, Mobile Wallets and Prepaid Loyalty Cards. 

"The above would come into effect from 13.12.2016, 00.00 hrs. This amount of discount will be credited to customer’s account by way of cash back within maximum three working days of the transaction," Government said on December 12, 2016.