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Petrol Price Hiked Steeply By Rs 7.5 Per Litre
Oil companies had already told the government that wanted to hike petrol price by at least Rs 4 per litre. The government had decontrolled petrol price in June 2010 but rates were last increased on November 4 last year.
The Petroleum Minister said: "If rupee depreciates by one against the US dollar, our oil companies lose Rs 8,000 crore (annually). Rupee dipped (to an all-time low of) Rs 55 (to a US dollar). Last year it was Rs 46. This translates into a loss of Rs 72,000 crore (on account of rupee depreciation) this year."
He added: "Seeing all this, something needs to be done, but when will it be done, how it will be done... I cannot make a forecast.” Price of diesel, kerosene and cooking gas were raised in June 2011. State owned oil firms have currently been losing Rs 6.28 per litre on petrol.
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