Owing to the rise in global crude prices, Yemen crisis and decline of Indian Rupee against the US Dollar, the oil companies have hiked the petrol prices by Rs 3.96 per litre, while diesel prices have gone up by Rs 2.37 per litre. The revised prices will be effective from Thursday midnight.
This is the second steepest hike in petrol and diesel prices ever since the Modi Government came to power 11 months ago. So far, there had been cuts in petrol and diesel prices on a regular basis and only some minor hikes were witnessed earlier. Only on 1st March, petrol and diesel prices were hiked by Rs 3.18 per litre and Rs 3.09 per litre respectively.
Petrol prices were cut by 80 paise per litre and diesel prices by Rs 1.30 per litre on 16th April. On 2nd April, the petrol prices were reduced by 49 paisa per litre and diesel by Rs 1.21 per litre. While petrol prices were reduced by Rs 17.11 per litre between August and February, diesel prices were cut by Rs 12.96 per litre between October and February.
As expected, the Congress and other opposition parties have slammed the Modi Government over the fuel price hike. The issue is expected to create a ruckus in the Parliament today.