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Petrol And Diesel Price To Be Hiked Post Tuesday
Under the current government led by Prime Minister of India Narendra Modi. There have been ups as well as downs, however, the biggest challenge for him has arrived, namely the price of petrol and diesel in India. Our rupee has been falling compared to the US Dollar.
Now Petroleum minister S Jaipal Reddy has reported there is an urgent need to hike prices of petrol and diesel in India. It is being rumored that post Tuesday midnight the hike will be in effect. Petrol is set to get more expensive by Rs 1.69 per litre, while diesel will increase by Rs 0.50 per litre.
Crude oil prices have gone up by 14%, however, the Indian government managed to keep the situation under control. The last time the government increased the price of fuel was back in November, 2013. They increased the price of cooking gas, kerosene and diesel in June, 2013, almost a year ago.
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The new government has confirmed there will be a hike in petrol and diesel prices. They have also reported they will talk to all of its ministers before making any decision. So the hike could be delayed by a few days, however, it will happen eventually. The Petroleum minister too, has reported an urgent need to increase the price of petrol and diesel.
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He explains, every time the rupee falls compared to the US dollar, there is a loss of INR 8000 crore to petroleum companies. The Indian Rupee hit an all time low of Rs 55 against a US dollar. To curb these losses, the government has to increase the fuel prices with immediate effect.
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