Bringing cheers to the public, oil companies have decided to cut down the petrol price by Rs 2 a litre and this can be considered to be a major victory for the Trinamool Congress as Ms. Mamta Banerjee was protesting against the price hike.
Incidentally, petrol price was hiked 11 times in 12 months after the price factor was decontrolled by the oil ministry about a year ago. On the other hand, price of aviation fuel has been increased by 2% per kilo litre.
The state taxes will also be adjusted accordingly and after adjusting, petrol price will be cheaper by Rs 2.22 per litre in Delhi, Rs 2.34 in Mumbai and Rs 2.31 in Chennai and Rs 2.35 in Kolkata. The new reduced prices will be effective from Tuesday midnight.
Oil marketing companies said that the decision was taken after seeing the movement of oil prices in the international market for the past two weeks. Petrol price hike is very sensitive to the Indians at large as the country is already under tremendous inflationary pressure, both in terms of money market and food.