Diesel might be the ‘It’ fuel these days but majority of the country is still using petrol to propel the vehicles. The last week’s hike of 11 percent in the prices of petrol has sent a wave of outrage among the people of our nation. This 11 percent hike resulted into the hike of Rs. 7.50 per litre which undoubtedly is a lot considering the economical condition of our countrymen. The immediate reaction to the price hike was resentment among the opposition parties of the government – the BJP and the left and consequently they announced that a ‘Bharat Band’ needs to be practised as a part of protest against the price hike on the 31st of May 2012.
The government had no choice but to act cleverly in this grave situation and in order to come to terms with the opposition, took the task of looking for a better solution that can cut down the petrol prices seriously. According to the earlier speculations the hike in the petrol prices could have seen a roll-back of value between Rs. 1.5 and Rs. 2. The recently surfaced reports suggest that the government has finally cut down the price hike of Rs. 7.50 by Rs. 1.60 per litre and the new price has come into effect since yesterday midnight. The decision of the cut in prices was taken to the final level in the review meeting of the OMCs that was held in Mumbai. This slashing of petrol hike is reported to be a result of the fall in the international crude prices.