There is a discussion going on among the top officials of the Indian oil companies regarding the price of Petrol in India. This recent need for review of petrol prices has arise because of Indian Rupee strengthening against the international currency, the US dollar. In past one year, the Indian Rupee is close to its highest points against the US dollar, which has increased the amount of money India oil importing companies need to pay in Rupees. This difference is causing losses to the oil companies which they might recover by increasing the prices of Petrol in India. Since the petrol prices are not directly regulated by the Govt. of India, the oil companies may change the price at their discretion as per market price of crude in International markets.
The burnt of this hike may not pass on to the Diesel prices as the Diesel price is still regulated by government and its price may not be revised. The expected rise in price of petrol as per most media reports will be between Rs. 2 and Rs. 3 per litre of petrol.
We hope that this situation gets normal soon and the prices will not go too high as the Indian auto industry is already facing intense pressures of increased input costs, interested rates on loan, negative growth in sales and car buyers buying more Diesel cars. Among such conditions, a price rise of petrol may further hurt the small car sales in India and will impact millions of commuters in India badly.
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