Yet another fuel price hike

Continuing our discussion on the oil bill, the rising crude oil prices have resulted in yet another hike in petrol prices in the country. The increase this time the hike is for Rs 2.35 per litre. This is the sixth hike in the past 3 months. As shown in the chart, petrol prices in the key metro cities now range between Rs 74.17 per litre to Rs 81.57 per litre. The oil companies also plan to increase the price of diesel by Rs 0.5 per litre (excluding local taxes and VAT). Post the revision, diesel prices would range between Rs 51.97 to Rs 58.86 per litre. While the move would certainly help the that have been battling fuel under recoveries thanks to increasing crude prices and falling rupee. But it would certainly add to the woes of the common man as it would drive up consumer inflation in the country. Source: Economic Times