Petrol prices hiked again, Petrol prices up by Rs 3 a litre, Petrol prices to be raised by 3.14 rupees from Friday, Petrol Price to be increased from mid-nignt of 15th September 2011

Petrol prices hiked again, Petrol prices up by Rs 3 a litre, Petrol prices to be raised by 3.14 rupees from Friday, Petrol Price to be increased from mid-nignt of 15th September 2011

 State-owned oil companies are all set to hike petrol prices by around Rs 3 per litre which will be effective from tonight.
"Looks like the hike will be over Rs 3 per litre," a top official at one of the three state-run fuel retailers said.

Petrol price were last hiked by Rs 5 per litre on May 15. It costs Rs 63.70 per litre in Delhi.
"The exact quantum of hike at different cities is being worked out," the official said.
Petrol price was freed from the government control in June last year but the retail rates have not moved in line with cost as high inflation rate forced the oil companies to seek 'advice' from parent oil ministry before revising rates.

In an interview to CNBC-TV18, Deven Choksey of KR Choksey Securities said, the price hike has been necessitated more because of the depreciation in the rupee in the last one month.

According to him, it is a good move. “The government is trying to take some pragmatic step at this point of time. The government has taken this decision ahead of ONGC ’s issue so that the subsidy burden is not impacting ONGC,” he added.

A: Certainly, it will be a positive opening for most of them. The price hike has been necessitated more because of the depreciation in the rupee in the last one month. Depreciation in the rupee has increased the transport bill for most of the oil marketing companies (OMCs).
To my mind, the government is trying to take some pragmatic step at this point of time. The government has taken this decision ahead of ONGC’s issue so that the subsidy burden is not impacting ONGC. So, it’s a good move.
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