State-owned oil companies have hiked the price of petrol by Rs. 1.40 per litre effective midnight tonight.

This is the second hike in over two weeks, after the companies had on February 15 increased the price of the fuel by Rs. 1.50, and diesel by 45 paise.

This hike does not take into account local sales tax or value added tax (VAT), so the effective hike for consumers will actual work out to more than the quantum announced.

The international prices oil is hovering around $131.00/bbl. Since petrol prices were decontrolled in June 2010, they have been revised 28 times (increased 20 times and decreased eight times).