A third Petrol price hike today has washed out all the fuel reductions of May and brought the prices back on par with pre- March level ,doubling the problems of common man.
Petrol prices were today hiked by a steep Rs 1.82 a litre, the third increase in rates this month, as falling rupee made imports costlier. An increase in diesel rates is expected early next week.
Estimated under-recovery of IOC on sale of these petrol, diesel and LPG is expected to be around Rs 63,000 crore for the fiscal 2013-14 (industry estimates at around Rs 118,000 crore), Oil companies raised petrol rates by Rs 1.82 a litre, excluding local sales tax or VAT, with effect from midnight.
This is the third increase in rates this month. Oil firms had on June 1 raised prices by 75 paisa and followed it with a Rs 2 per litre increase on June 16.
In Andhra Pradesh the fuelprice hike will slap a tax h\burden of Rs.3420 on the common man
