Amid deteriorating condition of India’s economy, the fuel prices jump once again from the beginning day of September 2013 which would pinch more to the commonmen.
According to announce made by India's biggest Oil Marketing Company (OMC), since Sunday morning the price of Petrol and diesel has been Rs.2.35 and Rs.0.50 dearer more per litre, excluding state taxes.
With this new hike, the prices of Petrol have become Rs.74.10 in Delhi, Rs.81.57 in Mumbai, Rs.81.57 in Kolkata and Rs.77.48 in Chennai respectively.
Similarly, the increased price of the diesel in New Delhi is Rs.51.97, Rs. 58.86 in Mumbai, Rs.56.33 in Kolkata and Rs.55.37 in Chennai.
The IOC said that it had to hike prices due to sharp depreciation of the rupee and hardening of crude prices in the international market due to the volatile situation in Syria.
Concerns have been raised over escalation in tensions in Syria with a possible US intervention and, thereafter, the fallout on oil prices.
"Currently, the rupee-dollar exchange rate continues to be extremely volatile. Also thegeopolitical situation in the Middle-East is leading to pressure on international oil prices as well," the IOC said in a statement.
"In view of these conditions, movement of prices in international oil markets and rupee-dollar exchange rate is being closely monitored and subsequent price changes will reflect developing trends of the market."
The three state-owned Oil Marketing Companies (OMCs) had last raised prices of petrol and diesel by Rs.0.70 and Rs.0.50 more per litre, respectively on Aug 1, 2013.
The price of domestic gas cylinder has also bounced to Rs.932.50 in New Delhi, Rs.967.00 in Kolkata, Rs.951.00 in Mumbai and Rs.930.00 in Chennai.
However market experts and common men are agreeing with the government's explanation of fuel price hike.
"The hike in fuel price would put extra burden on the pocket of common men and the price of essential commodities would become dearer due to rising the transportation charges," said market expert, Akash Jindal.
"This hike will effect to home makers as the goods of kitchen and food price will also swelled sharply," he added.
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