First major petrol price hike in 6 months happened last night, with petrol prices rising by Rs 7.5 (odd) per liter. Petrol prices now in Mumbai stand at Rs 78.57 per liter. The hike was announced yesterday in the afternoon.
The oil companies, which had in the fiscal ending March 31, 2012 lost Rs. 4,860 crore on petrol sales, are now losing Rs. 6.28 a litre. After including the 20% VAT, the increase in petrol price in India came to Rs 7.5 (odd) per liter. [source]
I guess there has never ever been such a huge hike earlier. 10 years back petrol used to cost us Rs 32 odd and now it’s more than double of that!
The two main reason behind the hike in Petrol prices:
- Loss to the state owned companies
- Depreciating rupee
Automobile companies would now shift their focus on Diesel & CNG cars.
Check out this 10 year chart of fuel prices:
Fuel Price in Mumbai | Source : mypetrolprice.com
Check out this Infographic on the petrol price hike since last one year:
Interesting read: Petrol or Diesel: Which saves more?
This is just insane. What can be worst than that for a common man ? Is there any possibility of roll back ?
Yes true it’s crazy.. Roll Back? I guess no.. not so early but lets see..
What’s your take?
I had told you that it will happen. Congress hints at partial rollback in petrol price hike. This is pure politics.
Yes what you said comes to reality
Honestly,I feel it might increase more in coming years, considering the inflation rate.
Hope so this doesn’t happen at a very fast pace..
this is to make people realise to reduce pollution and start using buses and public transport
Referred to this post of yours for some research for my post at http://hyperopicthoughts.blogspot.in/2012/06/great-indian-petrol-price-hike.html
Interesting one
Thanks for dropping by!
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