OMG! Another petrol price hike!!!
Long pending petrol hike is here finally. It has been playing hide & seek since 2 months. Firstly it was postponed due to the elections in 4 major states and then due to the pressure from the alliance party headed by Mamata didi. Well with today's hike in petrol the cost of petrol per liter here in Hyderabad is Rs.81.44 & 73.5 in delhi. A huge hike from 74 to 81.44. Damn this impotent government. Root cause is simple, rupee value slide against dollar. The crude has been lingering about $110 to $118 since couple of months. With the rupee sliding against dollar since month and the rupee reaching its all time low of Rs.56 per dollar, the oil companies are left with no other choice than this steep hike huge hike. Though UPA knows that this move may turn up as suicide gesture where all their major allies are crying tears(may be crocodile tears) for the people but govt. is left with no choice. Oil companies have already bitten losses than they could swal...