New Delhi: Striking the market hard, petrol price on Monday was raised to Rs 75 a litre mark for the first time in more than a year. The development comes after the oil firms raised rates to make up for the rising cost of production.

In the wake of the unfolding events, the petrol price was hiked by 5 paise per litre and diesel by 10 paise a litre. From today onwards, the petrol will be available in the market at Rs 75 per litre and diesel at Rs 66.04 per litre.

Though the diesel rate has been moderate, the price of petrol has been on the rise since November 9. The price of petrol has been increased by Rs 2.30 per litre in the last one month.

After the incident of a drone attack on Saudi Arabia’s giant onshore fields in mid-September, the price of petrol went up by Rs 2.5 per litre and then it came down from Rs 74.61 per litre to Rs 72.60 for petrol in the national capital.

However, with the fluctuating exchange rate of dollar and rupee, the price of petrol is again on the rise since November 9.