Attributing to the decline of Indian Rupee against the US Dollar, the oil companies have hiked the petrol prices by 70 paise, while the diesel prices went up by 50 paise as part of the monthly hike. With the inclusion of VAT, the actual hike will hurt the people more.
This is the 5th petrol price hike in two months. Since June 2013, the petrol prices have gone up by Rs 6.82 per litre, which excludes the VAT. The diesel prices have been hiked by Rs 3.75 per litre this year.
The last time we had seen a hike in petrol prices was on July 14, 2013, when they went up by Rs 1.55 per litre. The falling Rupee has affected the petrol prices in a big way. The Rupee had touched a record low of 61.20 vs the US Dollar before bouncing back to 60.40 at close today.