Govt in a fix due to rising petroleum prices coupled with rupee weakness

government is also concerned and has assured that a solution would soon be found

With petroleum prices soaring continually ever since Karnataka elections have concluded, the central government is feeling the heat.

The government is also concerned and has assured that a solution would soon be found.

These nine hikes come after a 19-day hiatus when prices were kept unchanged for the May 12 Karnataka election.

It need be mentioned that petrol prices have been increased by Rs. 2.24 a litre in Delhi, Rs.2.21 in Kolkata, Rs. 2.22 in Mumbai and Rs. 2.36 a litre in Chennai over the past nine days, data from Indian Oil Corporation shows.

Similarly, the diesel prices have been raised by Rs.2.15 a litre, Rs. 2, Rs. 2.28 and Rs. 2.31 in the four cities.

Many analysts point out that in this year alone, the petrol prices have shot up in the range of Rs. 6.81-7.26 per litre across the four metros.

Similarly, the diesel prices have increased to the tune of Rs. 8.33-9.21 per litre in the wake of rising global crude prices.

The government is facing double whammy in that the soaring crude oil prices in the past few months have been coupled with weakness in the rupee against the US dollar.

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