After four consecutive reductions in petrol prices, get ready for a hike now. With rising international oil prices and the depreciating rupee, state-owned oil companies may increase petrol prices by anywhere between 0.70 paise to Rs 1 a litre shortly.
The hike is likely to be announced in a day or two,and comes within a week of the diesel price hike of Rs 1 a litre that was announced on May 10th.
The price of petrol was last reduced by Rs 3 per litre – the steepest cut in more than four years – from May 1. Prior to this, the rates were reduced by Rs 1 a litre on April 16, 85 paise a litre on April 1 and Rs 2 a litre on March 16.