Petrol price shoots up again: Another blow to a common man!

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Petrol price shoots up again
High inflation, high interest rates and yet another shock to a common man! State-owned oil companies raised petrol price by Rs 1.80 per litre with effect from Thursday midnight. This is the second hike in less than two months and fifth hike in a year.

After a hike, Bangloarians will have to pay a whopping of Rs 75.64 a litre, followed by Mumbai – Rs 73.71 a litre, Kolkata – Rs 71.98 a litre, Chennai – Rs 71.16 a litre and Delhi – Rs 68.66 a litre.

Petrol prices differ in different cities according to the local sales tax.

The recent hike is due to falling rupee against a dollar and rising cost of imported crude, reports PTI.

The firm international crude prices and depreciating rupee against dollar have magnified the losses of major state-owned oil companies.

Government last hiked petrol price in September by Rs 3.14 a litre, in May by Rs 5 a litre and in January by Rs 3.5 a litre.

Revenue losses to oil companies stood at Rs 1.50 a litre prior to hike, so after including local levies, the increase came upto Rs 1.80 per litre.

June last year, the government deregulated or freed petrol from price controls but the price of diesel, kerosene and LPG is still under the control of government.

Prices of regulated fuel have not been impacted yet but sources say that oil companies are currently losing Rs 9.27 a litre on diesel, Rs 26.94 a litre on Kerosene and Rs 260.50 a 14.2 kg LPG cylinder which is used for household consumption.

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