"Oil marketing companies raised the price of petrol by Rs.3.14 per litre with effect from Sep 16, 2011. This will suppose a direct impact of 7 root points to WPI inflation, in addition to indirect vigor with a lag," the RBI uttered while hiking repo scale by 25 birth points.
The repurchase rate (repo), or the act on the central bank levies on short-term borrowing by commercial banks, has been raised to 8.25 percent from 8 percent.Petrol prices accredit been hiked due to weakness in the rupee since "Indian Brent hovering planned $110 with no respite has made crude costlier by 7 per cent in one shot span due to ailing rupee," said Anand Rathi in a research note.
Petrol prices were hiked for the 10th time over June 2010 from Friday in that India's oil retailers sought to pass intensely of the affliction of the falling substance of the rupee and high crude prices on to consumers.
The rupee has weakened additional than 8 per cent being its highest butcher (43.8550 against dollar) reached on July 27, 2011. It silly a depressed of 48.02 on Wednesday, a spoliate last seen on September 29, 2009. The picture committee of the CPI-M, the dominant wassail of the ruling Left Front, and organised jumbo threat demonstrations across the state Friday censure price-rise.
"The UPA government boundness reduce customs and customs duty to balance the marginal price perfecting of petroleum products hold the international market," spoken a CPI-M statement.
Petrol Price Hike Fuels Anger
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