The price of petrol and diesel will increase with effect from today midnight. The price of the petrol will have a hike of 2.67 Rs and diesel of 2.58 Rs. The immediate increase in the oil price is in accordance with the proposals in the union budget 2010. As per the budget, the excise duty of petrol is 7.5 %. The central excise duty of petrol is increased by about Rs 1 per litre.