Oil's not well

Vehicles queue up near a pump to fill petrol in tanks before the steep hike in price gets effective in New Delhi. HT/Sonu Mehta

Updated on: Jun 01, 2012 9:23 AM IST

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Updated on Jun 01, 2012 9:23 AM

Vehicles queue up near a pump to fill petrol in tanks before the steep hike in price gets effective in New Delhi. HT/Sonu Mehta

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Oil companies on Tuesday announced a cut in petrol prices by Rs 2.42 per litre and diesel by Rs 2.25 a litre. (AFP File Photo)

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BJP protesters shout slogans as they burn the effigy of the UPA government against the petrol price hike, in Hyderabad. AFP/Noah Seelam

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People line up to fill their vehicles at an oil pump in Lucknow after the announcement of hike in petrol prices. PTI/Nand Kumar

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People line up to fill their vehicles at an oil pump in New Delhi after the announcement of hike in petrol prices. PTI/Kamal Singh

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People line up to fill their vehicles at an oil pump after the announcement of hike in petrol prices, in Gurgaon. PTI photo

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People line up to fill their vehicles at an oil pump after the announcement of hike in petrol prices, in Ghaziabad. PTI photo

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Vehicles await their turn at a petrol pump in Gurgaon. HT/Manoj Kumar

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People line up to fill their vehicles at a petrol pump in New Delhi after the announcement of hike in petrol prices. HT/Sunil Saxena

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West Bengal chief minister Mamata Banerjee shows market data during the press conference regarding the price hike of petrol, in Kolkata. PTI photo

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Vehicles queue up near a petrol pump in New Delhi. HT/Sonu Mehta

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Heavy rush at a petrol pump in New Delhi after the announcement of a hike in petrol price by Rs 7.50.

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West Bengal chief minister Mamata Banerjee shows market data during a press conference regarding the price hike of petrol, in Kolkata. Also seen in the picture is state finance minister Amit Mitra. PTI photo

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BJP protesters burn the effigy of UPA government against the petrol price hike, in Hyderabad. State-run oil firms announced a sharp hike in petrol prices to offset growing losses caused by subsidised rates, rises in the international oil price and a plunging rupee. The increase, the steepest in nearly a decade, was put at Rs 6.28 per litre which will mean a Rs 7.5/L hike, adding taxes, for consumers in metros. AFP/Noah Seelam

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An employee counts notes at a fuel pump in Ahmedabad after the government decided to hike prices of petrol by 11.5%. AP/Ajit Solanki

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A protester burns a portrait of Prime Minister Manmohan Singh during a protest in Odisha against the steep rise in petrol prices. State oil companies raise the price of petrol for the first time in more than six months in a gesture of fiscal discipline that economists said is unlikely to give a significant lift to the embattled rupee. Reuters photo