Petrol in Delhi to cost Rs 7.54 a litre more, highest ever hike

New Delhi, May 24 (PTI) In the steepest ever increase, state-owned oil companies hiked petrol rates in India on Wednesday by a massive over 11.0 per cent with the increase in Delhi being by Rs 7.54 to Rs 73.18 per litre. The rates vary from place to place depending on the local taxes component levied by the state governments. Petrol in Mumbai from Thursday will cost Rs 78.57 per litre as against Rs 70.66 a litre. In Kolkata, the increase will be by Rs 7.85 per litre to Rs 77.88 per litre and Chennai saw rates going up by Rs 7.98 to Rs 77.53 per litre. This is the steepest hike in petrol price ever, the previous high being Rs 5 per litre. Oil firms had twice raised rates by Rs 5 per litre - on May 15, 2011 when prices in Delhi were hiked from Rs 58.37 a litre to Rs 63.37 per litre and on May 24, 2008 when rates were raised to Rs 50.56 a litre. The Indian government had decontrolled petrol price in June 2010 and the rates were last increased on November 4 last year. On Tuesday, Oil Minister S Jaipal Reddy had stated that the depreciation in rupee has necessitated an immediate increase in fuel prices. But rates of diesel, kerosene and cooking gas have not been revised as a high-power ministerial panel headed by Finance Minister Pranab Mukherjee and having representatives of major UPA coalition partners like Trinamool Congress and DMK, hasn't met for almost a year now. Price of diesel, kerosene and cooking gas were last raised in June last year. PTI