Petrol Prices hiked by over 10% – reaches Rs. 78.16 in Mumbai!


The inevitable has happened – The Oil companies have decided to increase the petrol prices by Rs. 7.50 per litre from midnight today (23rd May 2012). Given the steep depreciation that rupee is witnessing against the dollar, this was very well on the cards.

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The Petroleum Minister had mentioned yesterday that there was an urgent need to increase petrol prices and If rupee depreciates by one against the US dollar, oil companies stand to lose Rs 8,000 crore (annually)"

The oil companies said they will raise petrol price by Rs 6.28 per litre excluding local sales tax or VAT. The hike translates into Rs 7.50 per litre in Delhi

Here are the revised prices for major cities:

  • Delhi – Revised to Rs. 73.14 per litre from existing Rs. 65.64.
  • Kolkata – Revised to Rs. 77.53 per litre from existing Rs. 70.03.
  • Mumbai – Revised to Rs. 78.16 per litre from existing Rs. 70.66.
  • Chennai -  Revised to Rs. 77.05 per litre from existing Rs. 69.55.
  • Pune – Revised to Rs. 78.41 per litre from existing Rs. 70.91.

There was no word on increase of pricing in Diesel. Government had increased petrol prices in November last year.

What really needs to be seen is how this will affect inflation – Only recently it was showing signs of slowing down, but with such a steep hike in petrol, looks like inflation is surely going to shoot up back again!

  1. yogesh says

    kuch din ke bad cycle purchess karni padegi

  2. Altaf Rahman says

    By the way, it looks like markets are giving “Thumbs up” to the rate hike.

    BSE Index is up 200 points.

    How do you read into it?

    I read it like market is saying Its a good decision. This will reduce the misery of govt to a little extent.

    But then we never know. May be market is up because Asian markets are up.

    Just wanted to share available data.

  3. Altaf Rahman says

    Anyway cong is angering the aam aadmi with petrol hikes.
    Why dont it show its guts to increase kerosine prices and also let BPL get angry?

    Normally they say Kerosine is a Taboo item to touch. But lets think rationally. Who is using kerosine? Earlier answer was it was poor to light their lanterns. But do you really think today the poor are using their lantern to light up their homes? Do you really think they are using kerosine to cook their meals? The number of people using kerosine to light up their lantern and cook their food has gone down.

    Basically what I am saying is that the consumption of kerosine by BPL people has gone down over the years. But the subsidies on kerosine keen on growing. Why? Because, the ration shops are selling kerosine to people who mix it with Diesel.

    My point is govt is subsidizing this adulterators in the name of kerosine.

    Let govt increase kerosine rates. This will have the following benifits :
    1) It will reduce loss to oil companies.
    2) It will reduce burden on govt to increase petrol prices.
    3) It will discourage the practice of adulterating diesel with kerosine.

    Now you may ask, what Genuine People BPL should do when kerosine prices are increased? The answer is instead of subsidy in Kerosine, let govt give subsidy in food grains. Let govt give rice / wheat at 1 rupee per kilo to BPL people and increase the quantity of ration food to 5 kg per person. This will reduce food grain storage shortage issue also and issue of rotting food grain stockpiles also.

    Just my two paisa :)

  4. Pradip Bahi says

    baki bachey kuch hi din mey saykal chal jaygi.

  5. Parag Toraskar says

    what the hell are diid congragssss.. its really ridiculous…

    1. Praneel Magare says

      you r right bro

  6. Pushpak Pandey says

    In Bangalore it has reached to Rs.81 per litre. We can alwayzz protest against Govt……But V r too busyy cribbing about things and not taking any action against it….Wat r V all waiting for……Let Anna Hajare stand again and den only V will stand wid him….Shame on US and noone else….Govt knows that iss just d herd f sheeps which will shout for a day or two and den will become quiet…..And so they do watever they feel like…..Enjoy d roller coaster ride set by the Govt….

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