This article was last updated on April 16, 2022
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On Thursday, oil companies increased petrol prices by Rs 3.14 to Rs 3.32 a liter with effect from midnight, which is considered the second biggest hike in more than a year. The companies say that the hike has been implemented to decrease the impact of a depreciate rupee which has resulted in a higher import cost and no other possible strategy was possible to control the situation in a more positive way, the sources reported. The last hike was announced on 15th May, it was a time when companies raised prices by Rs 5 a liter even though they were losing Rs 10 a liter.
The price hike appeared after inflation climbed to a 13-month high of 9.78 per cent in the recent August. In June 2010, since petrol prices were decontrolled this was the ninth increase where petrol prices had moved up more than 39 per cent since then. On the other hand, during the time of said period, diesel prices, which were still regulated, had been increased just twice, by 8.37 per cent.
The price hike gives the opposition more chances to speak against Prime Minister Manmohan Singh’s government in the background of corruption scandals. Other than petrol, there has been price hike in the food related items as well. Much expensive fuel cost as also added to an increase in commodity prices.
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