Petrol Price Hike in Mumbai (2002-2012)

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India Petroleum Industry Latest News And Updates

Petrol cut by 31 paise a litre, diesel by 71 paise
July 01, 2015 10:49 AM
With a slight softening of international prices, Indian Oil Corp on Tuesday reduced the rates of transport fuels, cutting petrol by 31 paise a litre and of diesel by 71 paise in Delhi, effective from midnight, with corresponding decrease in other states. The prices were last revised on June 15, when petrol was hiked by 64 paise a litre and diesel cut by Rs.1.35. "Since last price change, there has been a decrease in international prices of both petrol and diesel. INR-USD exchange rate has appreciated during this period," the oil marketer said in a release in New Delhi. The price of petrol per litre from Wednesday will be Rs.66.62 in Delhi, Rs.74.09 in Kolkata, Rs.74.52 in Mumbai and Rs.69.84 in Chennai. Source: IANS

The rising price of petrol has been in the news lately and has been a cause of concern and fury of many. Mumbai, the financial capital of India, has also been hit by this rise in price of fuel. Fuel retailers in India have raised fuel prices by 4.5% as a result of the rising global crude oil prices. India is currently battling the highest inflation of any major Asian economy. Seized by rising food and fuel prices, the central government has come under the scanner for failing to implement major structural reforms to control rapid inflation that has hit millions of poor people in India.

The graph depicted here displays the rising prices of petrol in the city of Mumbai from the year 2002 to 2011. As it is clearly visible the price of petrol has been on an upward climb, with prices dropping slightly somewhere in 2009. Since then the price of fuel has only gone up. The price of petrol, in June 2002 stood at Rs. 33.45 pet liter and as of November 4th 2011 is Rs. 73.81, putting a huge strain on the pockets of the consumer.



Last Updated on 05/25/2012