The Oil companies have hiked petrol prices by Rs. 1.69 per litre and diesel by Rs. 0.50 per litre. This hike will come effective from 1st July. The oil companies have cited rise of global oil prices and Iraq situation for this hike. The increase excludes local sales tax or VAT and the actual increase will be higher, varying from city to city. Petrol in Hyderabad now costs Rs 80.