Petrol price raised by Rs. 7.50 per litre, effective midnight
Posted on: 23/May/2012 8:00:08 PM
The government on Wednesday hiked the price of petrol by Rs. 7.50 per litre. The new price will be effective from Wednesday midnight and it comes after the rupee slumped to a record low against the dollar on Wednesday and state oil companies announced they were making massive.
Petroleum minister S Jaipal Reddy had on Tuesday warned there was an immediate need to raise fuel prices. The government had decontrolled petrol price in June 2010 but rates were last increased on November 4, 2011. This despite oil price rising by 14% and 7% fall in value of rupee against the US dollar
