In what came as a shocker on Sunday morning, Oil Companies have raised prices of petrol by Rs 2.54 and the hike has already been incorporated with effects from Sunday.
This is the second hike in the prices of petrol in a month. Prices of petrol have gone up by Rs 5.50 in a span of 4 weeks. This is the 6th raise by the oil companies after the government deregulated petrol prices.
The reason given by oil companies is the increasing international oil cost. Per Barrel oil cost has gone over $93 in January and this has propelled oil companies to present a reason for the increase. Ironically, as Times of India puts it, Petrol price was Rs 51.64 per liter in Pune when per barrel cost of oil went past $92 in February 2008.
This clearly gives us the impact of deregulation and the free hand given to oil companies. Political parties have started protesting against this, however, it only remains to be seen if any step is taken for rollback.
Price Raise across oil marketing companies in Pune:
- Indian Oil Corporation: Rs 2.50
- Hindustan Petroleum: Rs 2.54
- Bharat Petroleum: Rs 2.53
Revised price of Petrol in various cities of India after the hike:
- Delhi: Rs 58.37
- Kolkata: Rs 62.27
- Mumbai: Rs 62.81
- Chennai: Rs 63
- Pune: Rs 62.94
– Saad Khan