The hike in petrol price was because of increase in prices of crude oil in the international market, Union Finance minister Pranab Mukherjee said on Wednesday.
"The price of crude oil in the international market has touched USD 90 a barrel. Petrol prices have been deregulated already. So the hike in price was in parity with international prices," Mukherjee told reporters.
State-run oil refiner Bharat Petroleum Corp (BPCL) hiked petrol prices by 2.96 a litre effective midnight last night.
The oil ministry has given three companies, BPCL, HPCL and IOC, the go-ahead to raise petrol prices after international crude oil prices touched USD 90 per barrel.