India (DLN): All of you are now get ready for petrol price hike. This is very unexpected that third time in petrol price hike. In the steepest hike ever, state-owned oil companies Saturday increased petrol price by about Rs 5 per litre with effect from midnight tonight. The Bharatiya Janata Party (BJP) and the Left parties condemned the hike in petrol prices Saturday, terming it as an "attack" and a "cruel hoax" on the common man.
So this is clear that Indian Oil Marketing companies will now raise the petrol price by five rupees per litre. According to officials, the three state-run companies will increase the price in a move which is expected to go towards plugging the losses suffered due to sale of subsidised domestic fuel.
In Mumbai, petrol was being sold for Rs 58.37, while it was Rs. 63.08 per litre in Mumbai, where in Ahmedabad per litre Rs. 65.36 rupees. In June last year, the government had allowed oil companies to set the price of petrol as per the market situation, following which they had raised the price of petrol by Rs.3 per litre. "The hike needed to make domestic rates at par with international prices was Rs 9.50-10 per litre but oil companies choose to hike rates by just half of that," an industry official said.
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