It happens with people on
Twitter in India; whenever they see a figure trending, they think it’s another
scam’s cover blowing up. But this time "Rs.7.50" trending was not a
scam but a hike announced by the oil companies. The hike was a nationwide
narration and this step had to be taken due to the depreciation of the Indian
Rupee in the world markets and the increase in VAT for fuel this financial
year. The rupee on Monday fell to Rs. 55 to the United
States Dollar against Rs. 46 last year. This subjected to a loss of Rs. 72,000 crore on
account of rupee depreciation this year for the oil companies.
If the stats are correct, the oil
companies, which had in the fiscal ending March 31, 2012 lost Rs. 4,860 crore
on petrol sales, are now losing Rs. 6.28 a litre, making petrol valuable for
Mumbaikars at Rs. 78.14 per litre. In Kolkata, the increase will be Rs. 7.85
per litre. Delhities would now have to pay Rs.73.14 a litre and Chennai would
have to give out Rs.77.05 per litre. Be ready to shell out an extra buck or two
if you prefer treat your vehicle with premium refined oil.
