st1\:*{behavior:url(#ieooui) } /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman"; mso-ansi-language:#0400; mso-fareast-language:#0400; mso-bidi-language:#0400;} In the steepest ever hike, state-owned oil firms raised petrol price by Rs 6.28 per litre excluding local taxes. This translates into Rs 7.54 hike in New Delhi."/>
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Govt bites the bullet, goes in for sharp petrol price hike

In the steepest ever hike, state-owned oil firms raised petrol price by Rs 6.28 per litre excluding local taxes. This translates into Rs 7.54 hike in New Delhi.

BT Online Bureau   New Delhi     Last Updated: May 24, 2012  | 10:03 IST

In the steepest ever increase, petrol rates were on Wednesday raised by a massive Rs 7.54 per litre, the first hike in rates in six months.

Petrol price in Delhi has been hiked by Rs 7.54 per litre to Rs 73.18 a litre with effect from Thursday, state-owned oil companies said in separate but identical press announcements.

This is the steepest hike in petrol price ever, the previous high being Rs 5 per litre. Oil firms had twice raised rates by Rs 5 per litre - on May 15, 2011 when prices in Delhi were hiked from Rs 58.37 a litre to Rs 63.37 per litre and on May 24, 2008 when rates were raised to Rs 50.56 a litre.

The government had decontrolled petrol price in June 2010 but rates were last increased on November 4 last year. This despite oil price rising by 14.5 per cent and 3.2 per cent fall in value of rupee against the US dollar.

Petrol in Mumbai will cost Rs 78.57 per litre as against Rs 70.66 a litre, at present. In Kolkata, the increase will be Rs 7.85 per litre to Rs 77.88 per litre and Chennai saw rates going up by Rs 7.98 to Rs 77.53 per litre.

On Tuesday, Oil Minister S Jaipal Reddy had stated that the depreciation in rupee had necessitated an immediate increase in fuel prices.

But rates of diesel, kerosene and cooking gas have not been revised as a high-power ministerial panel headed by Finance Minister Pranab Mukherjee and representatives of key UPA allies like TMC and DMK, hasn't met for almost a year now.

Price of diesel, kerosene and cooking gas were last raised in June last year. (With PTI inputs)

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