Petrol price hiked by Rs 7.50 a litre

May 23, 2012 |

Agencies

New Delhi

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In the steepest ever hike, petrol price was increased today by Rs 7.50 a litre with effect from midnight tonight.

State-owned oil firms 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.

Petrol in Delhi currently costs Rs 65.64 a litre and after the increase it will be priced at Rs 73.14 per litre.

The Left parties -- CPI(M), CPI, RSP and Forward Bloc - said they 'strongly' oppose the proposed increase in the prices of petrol, diesel and other petroleum products.

"Such an increase will be a cruel blow on people who are already suffering from severe price rise. The Left parties called upon all party units to immediately organise protest actions when such price hikes are announced," they said.

The Left decision, taken at a meeting of the four parties - came against the backdrop of Oil Minister S Jaipal Reddy saying there was an immediate need to raise fuel prices due to jump in the oil import bill.

"It (price increase) is very essential but (before hiking rates) we have to talk to political parties," he said yesterday. "If rupee depreciates by one against the US dollar, our oil companies lose Rs 8,000 crore (annually)," Reddy had said.

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