Will the Government Rollback Petrol Price Hike?

Following uproar from all quarters for hiking the price of petrol by 2.7 percent amidst inflated economy, sources from the ruling Congress party said that there is possibility of partial roll back in the hike.

The congress party is very concerned about the hike and calls upon the government to look into the matter. We hope and trust that the government will find ways and means to give relief to the common man, said the source. Stating that there would be a meeting on petrol prices when Prime Minister Manmohan Singh returned from a G20 summit, he added, There may be a partial roll back.

However, IOC chairman R S Butola said that the company can't cut the price of petrol as they incurred a loss of Rs 2300 crore in 2010-11.

Major oil companies - Indian Oil, HPCL and Bharat Petroleum have raised petrol price by Rs. 1.82 per litre. This is the fourth hike in petrol price this year. The last hike was by Rs. 3.14 a litre on September 16. It was first raised on January 16 by Rs. 3.5 per litre and Rs. 5 per litre on May 15.

Now, petrol price per litre will be Rs. 68.84 in Delhi, Rs. 71.16 in Chennai, Rs. 73.71 in Mumbai, Rs. 71.98 in Kolkata and Rs. 75.64 in Bangalore.