16 May,2011 03:49 PM IST | | ANI
Union Finance Minister Pranab Mukherjee on Monday said the decision to increase petrol prices by Rs. 5 per litre was taken by the state run-oil marketing companies.
"The decision was taken in 2010. Petrol was deregulated, therefore it was for the petroleum companies to decide, oil markets and companies to decide at what point of time they will do so. When we deregulate it, then we shall have to leave it with the judgment of the oil marketing companies'' decisions," said Mukherjee.
In the biggest-ever price increase of the fuel, state-owned oil companies hiked petrol price by Rs. 5 per litre with effect from Saturday midnight.
The steep hike in petrol price is likely to be followed by a Rs. 4 per litre increase in diesel rates and Rs. 20-25 per cylinder increase in domestic LPG price later this month.
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Petrol in New Delhi now costs Rs. 63.37 per litre at Indian Oil Corporation (IOC) outlets as against Rs. 58.37 a litre.
