Petrol Prices Hiked by Rs 3 Per Litre


Petrol Prices Hiked by Rs 3 Per Litre

New Delhi, Sep 15 (IANS): Petrol prices were hiked for the 10th time since June 2010, by a little over Rs.3 a litre from Friday, as India's oil retailers sought to pass most of the burden of the falling value of the rupee and high crude prices on to consumers.

Petrol will now cost Rs.66.84 in the national capital, Rs.71.76 in Mumbai, Rs.70.64 in Chennai and Rs.71.15 in Kolkata. Prices of diesel and other transport and cooking fuels, that are still controlled by the government unlike gasoline, were left untouched.

The latest hike of Rs.3.14 per litre -- the 10th time since June 2010 -- comes over and above a steep upward revision of Rs.5 a litre in May.

"This is really crazy. The government is punishing the middle class. Look at the prices of fruits and vegetables. Then milk, then electricity and now petrol. Every thing will shoot up again," said R.S. Sharma, an accountant with a private firm.

The latest data on India's wholesale price index placed the annual rate of inflation at 9.78 percent, which Finance Minister Pranab Mukherjee described as "bad news" and hoped it would come back to the government's comfort zone soon.

An official in the petroleum ministry confirmed the decision taken by state-run Indian Oil Corp, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd, and added that they had lost Rs.2,450 crore thus far this fiscal by selling petrol below cost.

Petrol prices were freed from government control in June last year, thus allowing the oil retailers to revise prices as the situation demanded. Officials, nevertheless, said the government was kept in the loop.

The hike comes against the backdrop of the Rupee's value falling below 48 to a dollar for the first time in almost two years, while global crude prices -- especially the Indian basket -- hovered around $111 a barrel in the first fortnight of September.

Officials said diesel was still being sold at a subsidy of Rs.6.05 a litre, kerosene subsidised Rs.23.25 per litre and cooking gas Rs.267 for a 14.2-kg cylinder. On these three oil products, the losses are estimated at Rs.65,000 crore so far this fiscal.

The prices of these three fuels were raised by the government in June by Rs.3 per litre, Rs.2 per litre and Rs.50 per cylinder, respectively.

In June last year, following de-control of petrol prices, oil firms had increased prices by Rs.3 per litre. Then, another substantial price rise took place in December 2010 and January this year, when companies had hiked the price by around Rs.3 per litre.

  

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Comment on this article

  • nagesh nayak, bangalore

    Fri, Sep 16 2011

    no comments from psuedos.

    if BJP raises the prices by this time 1000's of comments pour in from all over the world.

    keep it up psuedos.

    DisAgree Agree Reply Report Abuse

  • R Mallar, Kasaragod/ Dubai

    Fri, Sep 16 2011

    It is fair enough to increase the price in accordance with crude oil price or dollor exchange rate. However why we don't see the downward revision (except nominal ) when Rupee strengthens agains dollor crude oil price s? And being government controlled PSUs why they don't come out with the breakdown of costs to educate the public? Are these PSUs functioning efficiently? If not why public is forced to pay for their inefficiency?

    DisAgree Agree Reply Report Abuse

  • Dr Abdul Aziz, Moodbidri

    Fri, Sep 16 2011

    why blame government for each and everything.....
    its we who are responsible. we do not know hw to save resourses. instead of using car to go to office we can use public transport or best is cycle. we can save on fuel hence save resourses.....

    DisAgree Agree Reply Report Abuse

  • nagesh nayak, bangalore

    Fri, Sep 16 2011

    PSUEDOS WILL NEVER BOTHER EVEN PETROL PRICES HIKED BY RS. 100/-.

    ONLY POOR, COMMMON MAN, MIDDLE CLASS PEOPLE ARE ONE WHO SUFFERS.

    TEN TIME HIKE IN 15 MONTHS.

    FANTASTIC ECONOMY STRATEGY BY ITALIAN LED UPA.

    UP ELECTION IS NEARING & CONGRESS PARTY WANTS FUND .

    HIKE IN PETROLEUM PRODUCTS WILL FETCH THEIR NEED.

    DisAgree Agree Reply Report Abuse

  • Denis, M'lore

    Thu, Sep 15 2011

    Why blame only govt. petrol pumps ?

    Are Reliance & Essar pumps open ?? Nobody is ready to sell below cost. Face the reality...

    Check international crude prices & USDINR prices daily. You will understand why prices going up. Luckily govt still subsidizing diesel, kerosene & cooking gas atleast. If govt keeps on subsidizing it will soon become like Greece (about to go abnkrupt. soon.

    DisAgree Agree Reply Report Abuse

  • Shekar Moily Padebettu, Padebettu/Udipi

    Thu, Sep 15 2011

    It is ridiculous to note that petrol prices has been hiked for the tenth time since June,2010.Once the petrol/Diesel prices have been hiked,the prices of other related services/essential food items too will follow the suit subsequently.Here common people are the sufferers.Without any option burden of this price hike should be felt sorely by the poor consumers.Common man's grievance,hue and cry is the daily mantras and does not have any impact in this world.No matter prices will go on increasing whether you cry or die.Government whether it is BJP or Congress at state level or central level does not have any sympathy/concern towards Aam Aadmi/Public.First they try to accumulate their personal wealth/bank balance etc then they play on common people's life.That is what Indian politics is!!. Is there any end for all these? Why we have to suffer like this.Can we expect some miracles from the God.God save us.

    DisAgree Agree Reply Report Abuse

  • Lancy Moras, Bendur-Jeddah, Saudi Arabia

    Thu, Sep 15 2011

    Uzzo petondi tya Petrolak..after 5 month again a hike of 3 Rs. take it from me.

    DisAgree Agree Reply Report Abuse

  • HENRY MISQUITH, Bahrain

    Thu, Sep 15 2011

    Why the govt not reducing excise duties on petrol so that the increase may not effect the pocket of the common man.

    DisAgree Agree Reply Report Abuse

  • ISMAIL.K.PERINJE, PERINJE-YANBU/KSA

    Thu, Sep 15 2011

    "GAAYADA MELE BHARE".......

    In every big city BUS DAY should be initiated to control petrol consumption.It may be a ALILU SEVE but 'hani hani koodidare Halla'UPA may get beating by people due fuel price hike in future elections.

    DisAgree Agree Reply Report Abuse


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