Oil companies today yet again hiked petrol prices by Rs 1.80 per litre to offset the fall in rupee that has made imports of crude costlier. After today’s increase, petrol in Delhi will cost Rs 68.64 a litre. The rates will vary in other cities according to local levies. This is the second hike in petrol prices in less than two months and it came on a day when the food inflation rose “dangerously” to 12.21 per cent for the week ended October 22.
State-owned oil firms Indian Oil, Hindustan Petroleum and Bharat Petroleum had earlier hiked petrol prices by Rs 3.14 a litre on September 16 when the rupee was ruling at about 48 to a US dollar. The local currency has depreciated further. The rupee today closed at 49.14/15 against the American currency.
The government had in June last year deregulated or freed petrol from all price controls but the retail rates have not moved in line with cost as high inflation rate forced the oil companies to seek ‘advice’ from parent oil ministry before revising rates (PTI)
Is there any assurance that the rise in the prices shall roll back once the Rupee improves?
the most foolish government of INDIA has once again shows that they don’t care for aam Hindustanis.