New Delhi, Dec 16  With the global oil prices going over $50-mark earlier this week, state-run Indian Oil Corp on Friday hiked the prices of transport fuels -- of petrol by Rs 2.21 a litre, and of diesel by Rs 1.79 at Delhi, with corresponding increase in other states and effective midnight.

"The current level of international product prices of petrol and diesel and the INR-USD exchange rate warrant increase in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision," IOC said in a release here late on Friday.