A day after the Assembly election results were declared, state-owned oil marketing companies (OMCs) on May 14 decided to go ahead with the increase of Rs.5 a litre in petrol price.
The biggest-ever increase in petrol prices, and the eighth since the prices were deregulated in June last year, will come into force from midnight on May 14 night.
The cost of petrol a litre (in Indian Oil Corporation outlets) in Delhi will go up from Rs.58.37 to Rs.63.37 (up by Rs.5, including the tax component); from Rs.61.93 to Rs.67.22 (Rs.5.29) in Chennai; from Rs.63.08 to Rs.68.33 (Rs.5.25) in Mumbai and from Rs.62.50 to Rs.67.71 (Rs.5.21) in Kolkata.
Bharat Petroleum and Hindustan Petroleum also increased petrol prices by Rs.4.99 and Rs.5.01. However, they said that even after the increase they would still make a loss of Rs.5.50 a litre.
Hinting that another increase was inevitable unless the government decided to compensate the losses they incurred, a senior official of an oil marketing company said the companies approached the government for an increase of Rs.10.50 a litre due to the hike in international crude prices and the high debt burden, but were told to increase the prices by Rs.5. Notably, the companies had been holding back this increase even after crude oil prices touched a two-and-a-half-year high in January this year.
For a common man its has become very difficult to sevvive in this country because this keeps happening again and again. By these hike govt is not achieving anything but politician -'s bank balance in increasing. Govt should take action against this and help us.
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