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Petrol Price Rises By Rs. 7.50 Per Litre

Petrol will now cost Rs. 81 in Hyderabad.
Hyderabad | 23rd May 2012
In the steepest price hike ever, petrol price was increased on Wednesday by Rs. 7.50 a litre. The price change will take effect from Wednesday midnight.

State-owned oil firms say they will raise petrol price by Rs. 6.28 per litre, excluding local sales tax or VAT.

The hike translates to Rs. 81 per litre in Hyderabad.

Petroleum Minister S Jaipal Reddy said that there was an immediate need to raise fuel prices, thanks to the rupee depreciation leading to a rise in the oil import bill.

"It (price increase) is very essential but (before hiking rates) we have to talk to political parties," he told reporters in Amritsar, on the way to Ashgabat to sign the agreement for the Turkmenistan-Afghanistan-Pakistan-India pipeline.

"If rupee depreciates by one against the US dollar, our oil companies lose Rs 8,000 crore (annually)," Reddy said.

The rupee hit an all-time low today, of Rs. 56.19 against the dollar.

The government had decontrolled the petrol price in June 2010, but rates were last increased on 4 November last year.

Meanwhile, even UPA coalition partners have balked at the price hike.

Mamta Banerjee, Trinamool Congress chief and West Bengal CM, complained that she was not consulted for the decision.

The BJP expressed its disapproval, too.

BJP spokesperson Nirmala Sitharaman said, "This is a striking blow the UPA has given on completion of its third year in office...this is due entirely to mismanagement."
filed in:  Petrol Price Hike, Fuel, Fuel Price Rise, Jaipal Reddy
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Ravindranath Tagore on 23rd May 2012, 7:46pm | Permalink
tThis is foolish how should public survive .I beg all minister to think of public or else we would revert back.Thank you
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