Saturday, May 14, 2011

Deregulation of the oil prices in India

The government had freed petrol price from government control in June but the state-owned oil firms had not raised prices on an 'informal' dictate from the oil ministry.

"The hike needed to make domestic rates at par with international prices was Rs 9.50-10 per litre but oil companies choose to hike rates by just half of that," an industry official said. "Another hike in petrol price is on cards soon."

Cities Earlier Now
Delhi Rs 58.37 Rs 63.37
Kolkata Rs 62.5 Rs 67.5
Mumbai Rs 63.08 Rs 68.08
Chennai Rs 63.36 Rs 68.36

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