Petrol price was hiked by 2 rupees per liter, excluding VAT by the oil companies. This is the second increase in the price of petrol in June 2013 due to the devaluation of rupee against US dollar; due to the devaluation of rupee the import of crude oil has gone costlier.
The petrol prices in different cities are as follows, in Delhi a consumer will have to pay 66.39 rupees per liter, in Mumbai 74.60 rupees per liter, in Chennai 69.39 rupees per liter and in Kolkata 73.79 rupees per liter.
Earlier, on 1 June 2013 the price of petrol was hiked by 75 paise per liter by the oil Companies.
Devaluation of Currency
Devaluation of currency in the monetary policy means fall in the value of any currency with respect to goods, services or other monetary units with which that currency can be exchanged. The rate of a currency is devalued against the major currencies to encourage exports and improve the current trade deficit.
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