IOC , BPCL and HPCL hiked petrol price by Rs 6.28 per litre, effective midnight. Including sales tax, the hike adds up to Rs 7.50/litre. The increase was on the cards with the rupee continuing its free fall against the US dollar, but the quantum of the hike took the country by surprise. However, diesel price has been left untouched though under-recoveries have been much sharper in that commodity as well as kerosene and LPG. PK Goyal, director-finance at IOC said since the company needed to bring down excise duties up to the level of under recoveries, a price hike was the only option.