A few hours after finance minister Arun Jaitley finished delivering his Union Budget 2015-16 address in Parliament, prices of petrol and diesel were hiked by a considerable Rs 3.18 per litre for petrol and Rs 3.09 per litre for diesel, effective March 1. This is the second price hike in February, the laast being effected on February 16 by Rs 0.82 per litre of petrol and Rs 0.61 per litre of diesel.

According to IndianOil Corporation, the largest oil marketing company in the country, the hike is due to an increase in international crude oil prices over the past fortnight as also the depreciation of the rupee versus the US dollar. Global crude oil prices rose by 18 percent in February (US$ 2.53) to US$ 62 a barrel, the highest monthly percentage rise since May 2009.

With the latest hike, a litre of petrol now costs Rs 68.14 in Mumbai, Rs 60.49 in Delhi, Rs 63.31 in Chennai and Rs 67.92 in Kolkata. A litre of diesel now costs Rs 57.08 in Mumbai, Rs 49.71 in Delhi, Rs 52.92 in Chennai and Rs 54.29 in Kolkata.