In the steepest hike ever, state-owned oil companies have increased petrol price by about Rs. 5 per litre with effect from midnight tonight.

The increase in petrol price, which the oil firms had been holding since January even though crude oil had touched a two-and-a-half-year high, came a day after election results of five state assemblies were announced.

IndianOil, Bharat Petroleum and Hindustan Petroleum will hike rates between Rs. 4.99 and Rs. 5.01 per litre in Delhi with effect from midnight tonight.

After the announcement, the price of petrol in Delhi will go up from Rs. 58.37 to Rs. 63.37; in Mumbai, petrol will now cost Rs. 68.08 per litre. People in Kolkata will have to shell out Rs. 67.50 to get a litre of petrol and in Chennai, the price will now reach Rs. 66.93 per litre.

This is the ninth hike in petrol prices in as many months.

The government had freed petrol price from government control in June but the state-owned oil firms had not raised prices on an ‘informal’ dictate from the oil ministry.

“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. “Another hike in petrol price is on cards soon.”

Tags: petrol price, petrol price hike

Similar Posts:

• Sharpest ever increase in petrol price by Rs 7.50/litre
• Petrol may get dearer by Rs 3 per litre
• Petrol price hiked by Rs 1.40 per litre; to cost Rs 70.74/litre in Delhi
• Petrol prices may change every fortnight
• Rs 3.50 hike in petrol, diesel prices on the cards