In what would come as a big blow to the common man in the already inflated economy, oil companies in the country have decided to hike the price of petrol by Rs. 1.82 per litre from Friday (Nov 4).
Major oil companies - Indian Oil, HPCL and Bharat Petroleum said that they were losing Rs. 1.50 per litre on petrol, and hence the decision to increase petrol price by Rs. 1.82 per litre after including local levies. Now, petrol price per litre will be Rs. 68.84 in Delhi, Rs. 71.16 in Chennai, Rs. 73.71 in Mumbai, Rs. 71.98 in Kolkata and Rs. 75.64 in Bangalore.
This is the fourth hike in petrol price this year. The last hike was by Rs. 3.14 a litre on September 16. It was first raised on January 16 by Rs. 3.5 per litre and Rs. 5 per litre on May 15.
The petroleum ministry had earlier said that it's up to the oil companies to hike the price of petrol, as it was liberalised in June last year.
Sensing the repercussion it would have on the already inflated economy, opposition party BJP have slammed the UPA government for letting oil companies hike petrol price repeatedly. "Petrol price hiked again - another blow to the common man from an insensitive Government," tweeted BJP senior leader Sushma Swaraj.