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Petrol price go up by Rs 1.82 per litre; the third revision in 2011

Get ready to tolerate another fuel hike, arrived at the petrol pump near you. The oil companies in India are now willing to increase the petrol prices blaming the constant pileup of losses. The proposed increase in petrol prices by the oil companies is of Rs 1.82 per litre. Earlier this year the month of May saw an increase of Rs 5 in petrol cost; a steepest in the history of petrol price hike.

The consumer was about to overcome the wounds of May until another irritation was burdened in September month when the government announced an increase of Rs 3.14 in petrol rates. The hike in petrol cost has again come into picture to haunt the vulnerable vehicle consumer, with a jump of Rs 1.82 per litre.

Mr. B Mukherjee, the Director Finance at Hindustan Petroleum Corporation Limited (HPCL) said that the increase in the cost of crude oil globally and weakening Indian rupee at Rs 46.50 per US dollar from Rs 49 per US dollar, are responsible for this climb in petrol prices. According to him, at present the crude oil price is nearly 108 US dollars per barrel in the global market. The latest Libya clash can also be held a bit accountable for the rise as the North African nation comprises of two percent of the worldwide turn out.

As of now the oil firms are discussing the same among themselves about when the price rise will come into effect. The final verdict will be out after conversation with the central government. But sooner or later the cost are ought to increase and at given time we can hear the announcement from our honorable minister for petroleum in India.