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Updated: November 3, 2011 23:06 IST

Petrol prices up by Rs. 1.82 a litre

Sujay Mehdudia
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Oil marketing companies hiked petrol prices on Thursday to offset the fall in rupee value. File photo
The Hindu Oil marketing companies hiked petrol prices on Thursday to offset the fall in rupee value. File photo

In the fourth consecutive hike this year, oil marketing companies (OMCs) announced a Rs. 1.82 a litre hike in petrol prices late on Thursday evening, seeking to offset the fall in rupee's exchange rate that made imports of crude oil costlier.

Petrol will now cost Rs. Rs 68.64 a litre in Delhi, Rs. 73.74 in Mumbai, Rs. 72.64 in Chennai and Rs. 73.10 in Kolkata including local taxes. The new rates will be effective from midnight on Thursday.

The second hike in petrol prices in less than two months and the fourth this year was slapped on the common man on a day when the latest data showed that food inflation had risen dangerously to 12.21 per cent for the week ended October 22.

The hike in prices was announced by Indian Oil Corporation (IOC) late in the evening.

The three OMCs had earlier hiked petrol prices by Rs. 3.14 a litre on September 16 when the rupee was ruling at about Rs. 48 to a U.S. dollar. The local currency has since depreciated further. It closed at Rs. 49.14/15 against the U.S. currency on Thursday. The government had in June last year freed petrol from all price controls.

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These oil price rises amount to economic terrorism. The Govt is allowing the oil companies to destroy the people of India. Threadbare explanations from a five class meeting room in Cannes do not hide the fact that the budget of the common man has been strained beyond the highest limits.As the Lion of Punjab said, let this continual loot of public money be the last nail in the coffin of this worthless Govt.

from:  Aritra Gupta
Posted on: Nov 6, 2011 at 00:49 IST

Pertol price should read as 76.64 after its hiked

Posted on: Nov 4, 2011 at 13:50 IST

The price hike is not slapped on the common man but on the rich who will only travel by car. The majority of indians ( the common man uses buses or trains and the most majority just walks). The poorest Indians are paying taxes on rice and even salt and that tax money is used to subsidize petrol for the rich. Subsidizing fuel adds another cost to the common man by polluting the air and water that everyone breath. Let there be no subsidies on fuel and encourage the public transport system. Just a fraction of the subsidies is needed to run free buses all over india

from:  Siju
Posted on: Nov 4, 2011 at 10:37 IST

A white paper is required on the petrol pricing . The media must investigate . We all know that the retail outlets or the petrol pumps across the country are largely owned by politicians , their accomplices or affiliates . What percentage of the petrol prices goes to the retailer is something which the public must know .If the Govt is cutting subsidies or the oil cos passing on increasing production costs and the retailers keeping their huge margins intact , the citizens must know the details with refernec to the retail prices .

Posted on: Nov 4, 2011 at 09:28 IST

Another day. Another price hike. Another middle class monthly budget went for a toss. The government looks totally hopeless and people are hapless. We need good administrators to run a government and not just people who pass bills with vested interests. Jan Lokpal bill aims at bringing all corrupt netas to the book. But We need some proactive bill to stop uneducated, poorly qualified, clueless people who knows only looting from entering politics. Good Economists, Good Administrators, Accountability, and transparency is the need of the hour.

from:  Karthik
Posted on: Nov 4, 2011 at 04:47 IST

Government is unable to control Price rise. Incessant price rise has already squeezed the people. Today's Petrol price hike is like squeezing out the last drop of juice from the already squeezed lemon. People have to raise their voice against the Government, demanding rollback the fuel price hike and also to remove all the taxes and duties attached to fuel price.

from:  Perulli Viswanathan
Posted on: Nov 4, 2011 at 00:02 IST
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