The Congress has defended the hike in petrol prices. In the steepest ever increase, petrol rates were today raised by a massive Rs 7.54 per litre, the first hike in rates in six months. Petrol price in Delhi has been hiked by Rs .54 per litre to Rs 73.18 a litre with effect from midnight tonight, state-owned oil companies said in separate but identical press announcements. This is the steepest hike in petrol price ever, the previous high being Rs 5 per litre. Oil firms had twice raised rates by Rs 5 per litre - on May 15, 2011 when prices in Delhi were hiked from Rs 58.37 a litre to Rs 63.37 per litre and on May 24, 2008 when rates were raised to Rs 50.56 a litre. The government had decontrolled petrol price in June 2010 but rates were last increased on November 4 last year. This despite oil price rising by 14.5 per cent and 3.2 per cent fall in value of rupee against the US dollar.