State-owned oil companies today hiked petrol prices by Rs 3.14 per litre as a fall in rupee increased the cost of importing the crude oil. "Every rupee depreciation, the under-recovery (revenue loss) increases annually by around Rs 9,000 crore," the official said.
PETROL PRICE HIKES SINCE DE CONTROL
Rs.paisa
26TH JUNE 2010
3.50
21ST SEPTEMBER 2010
0.27
17TH OCTOBER, 2010
0.72
9TH NOVEMBER 2010
0.32
16TH DECEMBER 2010
2.96
15TH JANUARY 2011
2.52
15TH MAY 2011
5.00
15TH SEPTEMBER 2011
3.14
The depreciation in the rupee should be not be any reason to increase petrol prices especially when crude oil prices are range bound to stable over the past twp months. In my view oil companies must have hedged their US dollar payments when usd/inr was trading around 45.0. Short term currency depreciation should not be used as an excuse to increase petrol prices and hurt the common man. The middle class and lower middle class are already fed up with the every rising prices of vegetables, milk and other essentials. People living in city of Delhi also have to grapple with a 22% rise in electricity charges from September 2011. Since June 2010 petrol prices have been increased by increased by nearly thirty eight percent. One should expect further slowdown in India’s growth. Consumer durables sector will be the worst hit before the festival season which starts from 28th of this month. We have the general election in the next two years. People of India should vote for people who can reduce prices or stabilize prices and not in the every increasing mode. The current UPA government is a big failure for the common man.
Disclaimer:Any opinions as to the commentary, market information, and future direction of prices of specific currencies, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information.Nothing in this article is, or should be construed as, investment advice. Prepared By Chintan Karnani. Website www.insigniaconsultants.in
-- Posted Thursday, 15 September 2011 | Digg This Article | Source: GoldSeek.com
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