Petrol prices surge by Rs 1.82/litre in India

NEW DELHI: The oil marketing firms have surged the petrol prices by Rs 1.82 per litre with effective from yesterday midnight. It has been just over a month and a half since the last hike took place. The Indian consumers are witnessing high double-digit inflation.

The surge has been to fight depreciation of the rupee and also the strong international crude prices. The latest surge is the 11th time since June last year. It has come over and above a steep upward revision of Rs 3.14 per litre on September 15, 2011.

Moreover, the decision to raise the petrol prices has been taken by state-run oil marketing firms such as IndianOil Corp, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp.

Petrol is deregulated and it allows the oil marketing companies to revise the retail prices although they still need Centre's nod to effect any changes in the diesel, kerosene and cooking gas prices.

Meanwhile, the Indian consumers do not have any respite even on the rates of the essential food items. The recent official data for food inflation has displayed a steep surge during the week ended Oct 22 to 12.21%, the highest figures in nine months.

The prices of pulses, vegetables and milk and poultry have all witnessed surge.