The steepest hike of Rs 7.50 ever on petrol has caused a lot of
flutter all across the country. People flocked to the streets, political
parties revolted, there were Bandhs observed all across India. Everyone
was dumb-stuck with this decision.
The result (or possibly a pre-planned one) is that petrol prices have
been rolled back partially by Rs 2. The new prices would go effective
from today midnight. The new price of petrol in Delhi would come out to
be Rs 71.18 against the earlier Rs 73.18.
The reason given is that the price of petrol per barrel has gone down
from USD 124.37 when price of petrol was hiked on 24 May to USD 115.77
now. The actual reduction is Rs 1.68 which would mount to Rs 2 including
all the taxes and other levies.
The bigger question we all have is: Is this rollback enough?
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