Petrol Price Hiked to Stop Rupee Slide

As the value of Indian Rupee started to further weaken by falling to Rs.56 against a dollar, Indian Government has gone for stringent measure. In order to control the rupee depreciation thus leading in a big jump of oil import bill, our Petroleum Minister Jaipal Reddy has called for an immediate hike of Rs.7.50 per litre of petrol. This would take the price of litre petrol on Chennai zone to Rs.77.

These rates will come into influence from midnight today. Last time, Government had an increase in petrol price on November 4 last year. ‘If rupee depreciates by one against US dollar, our oil companies lose Rs.8, 000 Crores annually. So, price increase is very essential,’ Reddy said to reporters. Folks, get ready for one more pocket holing monthly bill…!