The state-owned oil marketing companies increased the price of Petrol by 7.54 rupees a litre to 73.18 rupees with effect from midnight 23 May 2012. The price of diesel, LPG and kerosene was, however, left unchanged.
It is the highest one-time hike in petrol prices ever as the previous instances of price hike saw price going up by maximum of 5 rupees. The oil marketing companies had twice increased the petrol prices by 5 rupees, the first on 15 May 2011, when the rate in Delhi was increased from 58.37 rupees to 63.37 rupees; and second on 24 May 2008, when it was hiked up to 50.56 rupees.
With the current increase in the petrol prices, it will cost 78.57 rupees a litre in Mumbai, against previous 70.66 rupees. In Kolkata, the rate will go up by 7.85 rupees to 77.88 rupees. In Chennai, it will be 77.53 rupees, up by 7.98 rupees.
The oil marketing companies had recorded the collective loss of 138541 crore rupees in revenue during the fiscal year 2011-12. This year, the loss is expected to touch the figure of 193880 crore rupees. During 2011-12, petrol prices were revised five times in order to bring domestic prices in line with those in the international market. The rates were raised on three occasions and lowered on two.
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