Petrol again up, by `1.80 per litre

Nov 04, 2011 - Pawan Bali |

Age Correspondent

New Delhi

The PSU oil marketing companies Thursday hiked petrol prices by `1.80 per litre in New Delhi to offset the increase in the cost of crude oil imports. The prices will vary across the country due to local taxes. Among metros, the hike will be the maximum in Chennai, where it rose by `1.91 per litre.
Diesel, LPG and kerosene prices might also go up soon with the Empowered GoM due to meet to review this before the Winter Session of Parliament begins on November 22. Petroleum minister S. Jaipal Reddy met finance minister Pranab Mukherjee Thursday to seek an EGoM meeting. Petrol will now cost `68.64 per litre in New Delhi and `73.81 per litre in Mumbai.
Petrol prices have been hiked four times this year and 10 times since prices were decontrolled in June last year.
It was last raised in September by around `3.14 per litre.
The Opposition parties, including the BJP and the Left, were quick to attack the government over the increase, and the BJP described it as a “midnight deceit” by the ruling UPA. The Left as well as Tamil Nadu chief minister J. Jayalalithaa’s AIADMK demanded an immediate rollback of the hike.
Mr Jaipal Reddy had said the oil marketing companies were going to lose over `130,000 crores this fiscal on selling diesel, domestic LPG and kerosene at subsidised rates. The PSU oil marketing companies are now losing `319 crores every day on the sale of diesel, PDS kerosene and domestic LPG at subsidised rates. In the April to September period, the losses on these three were `65,000 crores. The government loses `8.58 on the sale of every litre of diesel, `26 per litre on kerosene and `282 per LPG cylinder.

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