Oil Price hike: People in India are feeling the pinch

Newsroom24x7 Desk

oild pricesNew Delhi/Bhopal: After two successive cuts in recent days, petrol prices were hiked by Rs 3.96 per litre and diesel by Rs 2.37 a litre and the new rates became effective from past midnight.

Oil rates were slashed by 80 paise per litre on petrol and Rs 1.30 a litre on diesel on April 16. Earlier there was a decrease by 49 paisa in the price of petrol and Rs 1.21 in diesel prices from April 2. The latest hike has taken away the relief people got as a result of the price cuts. People filling gas at a petrol pump Bhopal, capital of the Central Indian State of Madhya Pradesh this morning were heard mocking the “Acche Din” slogan of the in .

Global crude oil price of Indian Basket was US$ 62.25 per bbl on April 24, 2015 

The international crude oil price of Indian Basket as computed/published on April 30 by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 62.25 per barrel (bbl) on 29.04.2015. This was higher than the price of US$ 61.86 per bbl on previous publishing day of 28.04.2015.

In rupee terms, the price of Indian Basket increased to Rs 3934.20 per bbl on April 29 as compared to Rs 3917.59 per bbl on April 28. Rupee closed stronger at Rs 63.20 per US$ on 29.04.2015 as against Rs 63.33 per US$ on April 28.

The table below gives the details:

 

Particulars Unit Price on April 29, 2015(Previous trading day i.e. 28.04.2015) Pricing Fortnight for 16.04.2015(March 28 to April 10, 2015)
Crude Oil (Indian Basket) ($/bbl) 62.25              (61.86) 54.92
(Rs/bbl 3934.20          (3917.59) 3425.91
Exchange Rate (Rs/$) 63.20              (63.33) 62.38