The government on Wednesday hiked the price of petrol by Rs 7.50 per litre. The hike will be effective from Wednesday midnight.
Oil minister Jaipal Reddy had on Tuesday said there was an immediate need to raise fuel prices, but had refused to say when the hike would actually take place.
The government had decontrolled petrol price in June 2010 but rates were last increased on November 4 last year. This despite oil price rising by 14 per cent and 7 per cent fall in value of rupee against the US dollar.
Oil minister Jaipal Reddy had on Tuesday said there was an immediate need to raise fuel prices, but had refused to say when the hike would actually take place.
The government had decontrolled petrol price in June 2010 but rates were last increased on November 4 last year. This despite oil price rising by 14 per cent and 7 per cent fall in value of rupee against the US dollar.
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