Published On: Sat, May 14th, 2011

Current Affairs India

Petrol price up by Rs 5..

New Delhi :The Union government allowed its oil marketing companies (OMCs) a steep hike of Rs 5 a litre in petrol prices. This is the steepest-ever hike since December 2008 and a second one in the calendar year.

Though petrol was officially decontrolled in June 2010, the government did not allow them to increase the prices after January this year. Successive hikes in petrol prices after decontrol had pushed up prices by almost Rs 7 till then. Now, petrol price at Rs 63.37 in Delhi is Rs 12 higher than the June 2010 level when consumers paid Rs 51.43 a litre.

Petrol price was officially decontrolled on June 26, 2010 under Petroleum Minister Murli Deora. The increase was then Rs 3.50 a litre. Since then prices have been hiked seven times, except in Mumbai where it marginally came down once. Despite decontrol and international prices rising, oil companies did not raise prices since January 2011. Last such hike was in December 2008 when petrol cost Rs 50.56 a litre.

Bharat Petroleum (BPCL) on Saturday hiked price by Rs 4.99 a litre and Hindustan Petroleum (HPCL) by Rs 5.01. Petrol at BPCL outlets currently costs Rs 58.39 a litre and at HPCL pumps, Rs 8.38 a litre.

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