Petrol price in India to be increased by Rs 7.50 by midnight tonight, no recall in sight

The petrol monster is back. Come midnight, and he strikes out, this time eating into your wallet’s resources by a steep Rs. 7.54 per litre. This isn’t a myth that folklores are made of, as the petrol monster strikes again after a good 6 months. New petrol price in Delhi is Rs 73.18 per liter, up from 65.64, Mumbai petrol price is 78.16, up from 70.66, Kolkata petrol price is 77.53, up from 70.03, and Chennai petrol price is 77.05, up from 69.55.

Earlier yesterday, Petroleum Minister, Mr S Jaipal Reddy had stated that there was an immediate need to increase price of petrol, kerosene, diesel and cooking gas. Speaking about the petrol price hike, Mr Pranab Mukherjee, Finance Minister, said, “The decision has been taken, petrol is a deregulated commodity.”

Before today, Government of India increased price of petrol, LPG, diesel and kerosene in June last year. Meanwhile, opposition party, BJP has condemned the steep hike in petrol price. Mr Prakash Jaedkar, Spokesperson BJP, said, “We condemn the petrol price hike and seek its roll back. We will not allow it to happen. A strong democratic agitation is on the cards. This is no injustice and there is no justification for this.”

India’s largest oil firm, Indian Oil Company, released a statement stating, “Given the losses being incurred, the company is compelled to increase the price of petrol by Rs.6.28 per litre (excluding VAT/Sales Tax) with effect from midnight. This excludes losses already suffered till date during current financial year 2012-13, which would require an additional increase of around Rs. 1.50 per litre in selling price of motor spirit (MS) for balance part of the year.”

“This whole petrol price hike is clearly unreasonable, arbitrary and is condemned as it will put further inflationary pressure and lead to further rise in prices. Life of the common man will become more difficult and miserable,” BJP’s chief Spokesperson Ravi Shankar Prasad said.