Petrol price hiked by INR 7.5 Per Liter; Key Allies of Government Demand a Roll Back

As we can see the Indian Rupee is fighting with Dollar and it has deeply depreciated in the past few months with an end record of 56 against every dollar. Importing petroleum oil is becoming expensive day by day because of the depreciation in the value of money, which is eventually putting up a pressure on state owned oil company’s margins on sale. This was the reason why the petroleum companies were demanding a price hike and the demand has been approved by the government’s petroleum ministry.

The rise in the price of the petrol initially was of INR 6.28 per liter but with the addition of Value added Tax (VAT) the price reached to INR 7.5 per liter. The new prices of petrol are effective from yesterday midnight. The rate of petrol before hike in Delhi was INR 73.14, in Mumbai was INR 78.16, in Bangalore INR 81.22, in Chennai INR 77.05 and in Kolkata it was INR 73.14. The hike in the price of petrol is not being liked by the key allies of the government as well as the opposition and general public who will never appreciate the price rise. DMK and TMC have asked the government to roll back the decision of rise in prices of petrol.

This hike will increase the fuel bills of the car and bikes owners to 10 percent which can disturb the budget of the local public. It is expected that this price rise in petrol will further affect badly the sales of the petrol engine cars. This gives a reason for the diesel cars to rule the market where petrol cars are still in minority and known only at the entry level segment. The diesel car is fit for you if you drive above 450 kilometers in a month and you would prefer diesel car over petrol car, which will fit into the monthly budget after knowing about the recent price hike in of petrol.