After six consecutive hikes in the last three months, the oil companies gave another blow to the consumers by increasing the petrol prices by Rs 1.63 per litre (without VAT) with effect from midnight. The increase took place even if there has been a drop in global crude prices and appreciation of Indian Rupee against the USD.
Recently, the petrol prices were hiked by Rs 2.35 (excluding VAT) per litre on August 31. The earlier petrol price hikes, included 75 paise on June 1, Rs 2 on June 16, Rs 1.82 on June 29, Rs 1.55 on July 15 and 70 paise on August 1. Since June 1, the petrol prices have been increased by Rs 10.80 per litre.
After the petrol price hike, the possibility of a steep hike in diesel and LPG prices, has dampened the mood of the common people across the country.