New Delhi, Jan 3 (IANS): Petrol and diesel prices will go up by 75 paise and 50 paise a litre, excluding taxes, from midnight Friday, state-run oil marketing company Indian Oil Corporation said.

"Indian Oil Corporation has decided to effect increase in the retail selling price of petrol by Rs. 0.75 per litre excluding state levies (and) increase in retail selling price of diesel by Rs.0.50 per litre excluding state levies," India's largest oil marketing company (OMC) said in a statement.

"Since the last price change, international prices of MS (petrol) have increased and the rupee-dollar exchange rate has depreciated. There is a continued volatility in the international oil prices because of geopolitical and economic developments around the globe."

Late last month, petrol prices were hiked by 41 paise per litre, and diesel prices were increased by a little under 10 paise per litre, both excluding sales tax or VAT, after the government raised the commission paid to fuel dealers.