Fuel to burn hole in common men's pocket

Swallowing the bitter pill, state owned oil companies announced a further hike in prices of petrol by Rs. 1.82 per litre on Thursday citing the impact of rupee depreciation on the cost of crude oil imports.

To combat the spurt in global oil prices government has to bite this bullet and go for the hike amidst protest from opposition as well as allies. Effective from Thursday midnight i.e. 4th Nov 2011 petrol will cost ` 68.64 a litre in Delhi, ` 73.74 in Mumbai, ` 73.15 in Kolkata, ` 72.73 in Chennai and Rs.75.68 per litre in Bangalore.

In Kolkata, Mamata Banerjee showed his anger and disagreement with the recent hike and said her party had not been consulted about the hike, and that her MPs are willing to quit the UPA if they are excluded from decisions like this one which affect the common man. "There is no way our MPs can defend this to our people," she said

Last Updated on 11/7/2011

Major Business News from India during 2009 Possible Impact of Telangana on Business in Andhra Pradesh Bajaj Scooters to fade away from Indian roads Highlights on Economic Survey of India 2008-09 India's inflation slowed to a 13-week low of 11.99 percent Infosys Acquires Axon Tesco Makes Foray into Indian Market US billionaire pumps in $80 million for cash strapped SpiceJet SBI raises PLR to 12.75% RBI raise the Cash Reserve Ratio (CRR) to 8.75 percent Fuel to burn hole in common men's pocket - Petrol up by ` 5, diesel ` 3 a litre; LPG dearer by ` 50 Inflation touched 9%; Audi launch its A4 Sedan in July in India; BSE down by 250 points Papa John's Plans Expansion In India Infosys Records Net Profits of ` 4,659 Crores Prices Of Essential Drugs Expected To Fall India's Union Budget 2008-09 is Agri-Friendly Increase in Tax Exemption limit in Union Budget 2008-09 Economic Survey Report (2007 - 2008): Focus on FDI. Economic Survey Report 2007-2008: Inflation. Economic Survey Report 2007-2008: Exports. GDP growth will slow down to 8.7% for 2007-08. Economic Survey for 2007-08: Major Highlights on Fiscal Deficit "Cheap Fares and Record Cash Surplus" are Core of Railway Budget 2008. US Recession is Likely to hit Global IT Industry including India's Outsourcing Companies. BSE Benchmark Sensex up by 1103 points. Ratan Tata Unvieled ` 1 Lakh Car at the 9th Auto Expo in New Delhi Reliance Power Ltd is to Raise up to $ 2.9 bln in IPO CRR Hiked But Stalemate Continues in Rates India's Direct Tax Collection Grew By 41.2%. Indian Economy Experiences a Sustainable Growth Rate Investors Welcome Extended Trading Hours in Indian Bourses World Economic Forum Davos