Petrol price hike is back: INR 1.7 more per ltr from midnight 1st March 2013
Petrol price will be increased throughout India from midnight of 1st March 2013. The State owned Oil Companies told PTI of the price hike a while ago.
As you can see in the image here, once these taxes are added, the new petrol price in Mumbai will be INR 77.66 (up by INR 1.77), Chennai will be INR 73.95 (up by INR 1.78), Delhi will be INR 70.74 (up by INR 1.68), and Kolkata will be INR 78.34 (up by INR 1.75). All prices here are per liter prices.
The reason behind the increase in price of petrol, is due to the increase of prices internationally, and also due to the fluctuating rupee value against dollar. Indian Oil, the largest state owned oil company in the country, stated, “International prices have increased from $128.57/bbl to $131.00/bbl since the last revision, and the rupee has depreciated from Rs.53.43 to Rs.54.15 per US Dollar during the period.”
Petrol prices in India were decontrolled in June 2010. Under deregulation, the oil companies are free to implement as many number of price hikes as there need be. Ever since deregulation, there have been 29 revisions made to fuel prices, of which only 8 times they have been decreased.