After increasing the petrol price by Rs. 7.50 which is the steepest ever petrol price hike in India, oil companies in India have taken a decision to cut the petrol prices by Rs. 2 per litre across India effective from 3rd June 2012 across India. The decision seems to be politically motivated as the hike in petrol price which was implemented on 24th May 2012 as it created a wave of protest across India among customers who by petrol for their vehicles and the Industries which make petrol run cars and two wheelers. There was an all India strike called by NDA and Left parties of India on 31st May 2012 which also seems to have created additional pressure on the oil companies and government. The effective price hike in the petrol when compared to the prices before 24th May 2012, the price hike is about Rs. 5.50 per litre which is about 8.3% hike on the previous price.
This mild cut will however bring some relief to petrol vehicle users across India. Some of the state governments have also announced state level VAT cut on the price to further give a relief of up to Rs. 1.50 per litre. After the recent cut in the prices of Petrol across India, the price of petrol across important metro cities of India are as follows:
- Petrol Price in Delhi is now Rs. 71.14 per Litre
- Petrol Price in Mumbai is now Rs. 76.16 per Litre
- Petrol Price in Kolkata is now Rs. 75.53 per Litre
- Petrol Price in Chennai is now Rs. 75.05 per Litre
- Petrol Price in Bengaluru is now Rs. 79.01 per Litre
We hope the prices of the petrol don’t increase so steep (about 10%) again as it did on 24th May 2012 as it causes a lot of inconvenience for the middle class two wheeler and car user of India. Its better to have small increases and decreases from time to time rather than a huge rise at one moment. We will keep you updates on the latest developments on the petrol prices in India, stay tuned for more. Also check out – Diesel Cars Excise Duty Hike Haunts Yet Again !