PETROL

Recent hikes in petrol prices are making what the government sees as the rich man fuel. The hike in petrol prices will fuel inflation further as commuting cost go up and adds to the crushing burden on households budgets ,already stretched with souring prices of essential foodstuffs. The hike is because the crude oil prices have skyrocketed ($92).

RECENT REPORTS
Government oil companies on 15th September,2011 hiked petrol price by Rs 3.14-3.32 after decline in rupees exchange value increased the cost of buying crude oil and widened losses from fuel sales. Delhi petrol price hiked by Rs 3.14 per litre making it Rs 66.84 per litre now. Mumbai petrol price hiked by Rs 3.29 per litre making it Rs 71.28 per litre now. Chennai petrol price hiked by Rs 3.32 per litre making it Rs 70.82 per litre now This is a press statement issued by Indian Oil Corporation. These prices would also include additional state government taxes.

PEOPLES VIEWS
It is a vicious cycle of never ending hikes. It needs to stop somewhere. If government cannot control the basic price of petrol because of international fluctuations, they can atleast take steps to reduce various taxes,Rajneesh Desai, a consumer rights activists said. The way things are going,petrol will cost more than Rs 100 a litre by December. State taxes over petrol price are highest in Maharashtra..this is unfair,Nitin Dossa, chairman of Western India Automobile Association said. The three oil companies namely Indian Oil, Bharat Petrolium and Hindustan Petrolium lost Rs 2450 crores this fiscal by selling petrol below the cost.