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Petrol price was hiked on Thursday by a record Rs 7.54 per litre as rupee had a free fall, an unpopular decision that was attacked by allies of UPA government who demanded its immediate rollback holding it as unacceptable.

The hike, the third in one year, came a day after end of the Budget session of Parliament and Prime Minister Manmohan Singh speaking of the need to take "difficult decisions" on the third anniversary of UPA-II.

The decision of the oil marketing companies effective midnight tonight is the steepest hike in petrol price ever, the previous increase being Rs 5 per litre.

Petrol price in Delhi has been hiked by Rs 7.54 per litre to Rs 73.18 a litre. In Mumbai it will cost Rs 78.57 per litre as against Rs 70.66 a litre. In Kolkata , Rs 77.88 per litre and Chennai Rs 77.53 a litre.

Oil firms had twice raised rates by Rs 5 per litre – on May 15, 2011 when prices in Delhi were hiked from Rs 58.37 a litre to Rs 63.37 per litre and on May 24, 2008 when rates were raised to Rs 50.56 a litre.

The hike came under all round attack from political parties but significantly DMK, which is part of the government, sought its rollback.

"I will ask for it," was DMK President M Karunanidhi's terse reply when reporters in Chennai wanted to know whether he will demand a rollback.

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 14.5 per cent and 3.2 per cent fall in value of rupee against the US dollar.

On Tuesday, Oil Minister S Jaipal Reddy had stated that the depreciation in rupee had necessitated an immediate increase in fuel prices.

But rates of diesel, kerosene and cooking gas have not been revised as a high-power ministerial panel headed by Finance Minister Pranab Mukherjee and having representatives of key UPA allies like TMC and DMK, hasn't met for almost a year now.

Price of diesel, kerosene and cooking gas were last raised in June last year. However, Banerjee said her party would not topple the government like the CPM as it would create economic and political instability in the country.

"We demand immediate rollback of petrol price hike. The decision is anti-people," SP spokesman Rajendra Chowdhury said.

"It is a cruel blow on people who are already suffering from severe price rise. The Left parties have called upon all party units to immediately organise powerful protest actions," CPI-M General Secretary Prakash Karat told PTI.

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// Article by rediff.com

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