After Petrol prices were hiked by 3 rupees and 14 paise . The Reserve Bank of India has hiked the repo rate by 0.25 percentage points to 8.25 percent. Repo rate is the rate at which banks borrow money from RBI. This is the 12th time since March 2010 that the RBI has raised interest rates, making it the longest rate hike cycle in nearly a decade.