Finally, of what every Indian was worried for is happened now; Petrol price would be hiked by Rs. 7.50 per liter from mid-night tonight. The reason being given is the loss of Rs. 72,000 crore because of downfall of Indian rupee against US Dollar.

Petroleum Minister, Jaipal Reddy stated the above facts earlier today in his media appearance. “The Indian government was forced to take such a strong decision due to the ever increasing price of crude oil so that the losses incurred so far can be recovered from the stated loss” said C Rangrajan, Chairman, Prime Minister’s Economic Advisory Council.