Petrol prices up by 7.50 Rs/lt
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- Current News
- Wednesday, 23 May 2012 19:06
- Published on Wednesday, 23 May 2012 19:06
- Hits: 648
Gujarat Global News Network, New Delhi
In the steepest ever hike, petrol price was increased today by Rs 7.50 a litre with effect from midnight. The increase was on the cards with the rupee continuing its free fall against the US dollar. The rupee fell to a record life low of 56 per dollar today. Petrol in Ahmedabad will cost around Rs 77 a litre with this rise.
State-owned oil companies have decided to raise petrol price by Rs 6.28 per litre excluding local sales tax or VAT. Petroleum Minister S Jaipal Reddy had said yesterday that there was an immediate need to raise fuel prices."It (price increase) is very essential but (before hiking rates) we have to talk to political parties," he had told reporters.
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 per cent and 7 per cent fall in value of rupee against the US dollar.
Price of diesel, kerosene and cooking gas were raised in June 2011.
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