The new price, effective from midnight, is slightly upsetting but there's a reason behind the hike. According to the market gurus, a price cut was expected but the hike comes in as the value of rupee depreciated earlier. Also, the rise in international fuel prices is to be blamed. But seeing the hike, the owners of petrol run automobiles (including a lot of us here at OnCars) won't be very happy with the decision. As for diesel prices, expect a hike in that too.