Wednesday, My 24, 2012: The government on Wednesday announced a petrol price hike of Rs 7.50 per litre, effective from midnight today.With rupee depreciation leading to jump in oil import bill, Petroleum Minister S Jaipal Reddy on Tuesday had said that 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 last year. This despite oil price rising by 14 per cent and 7 per cent fall in value of rupee against the US dollar. Price of diesel, kerosene and cooking gas were raised in June last year.
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