New Delhi, Feb 15 (IANS): As a consequence of recent volatility of international crude oil prices, state-run Indian Oil Corp Sunday hiked rates of transport fuels effective from midnight.

Accordingly, the price of petrol will increase by 82 paise per litre, while that of diesel will go up by 61 paise per litre from Monday.

"There has been a steep increase in international prices of both petrol and diesel and the rupee-dollar exchange rate has also depreciated slightly since the last price revision," IOC said in a statement here.

"Increase in retail selling price of petrol by Rs.0.82/litre at Delhi (including state levies) with corresponding increase in other states.

"Increase in retail selling price of diesel by Rs.0.61/litre at Delhi (including state levies) with corresponding increase in other states," it added.

Fuel prices were last revised Feb 3 when petrol was made cheaper by Rs.2.42 per litre and diesel price was also lowered by Rs 2.25 per litre.

The Indian basket of crude oil recently re-crossed $50 a barrel level and traded Thursday at $55.19 after having plunged to near six-year lows of $43 last month.

This is the first upward revision in the price of petrol since August 2014, and also the first in case of diesel since it became market-priced from October last.