The government has ruled out a rollback of the petrol prices as of now, as per Oil Minister Jaipal Reddy who also justified the hike and added that it was the need of the hour. The diesel price hike will depend on the political scenario, the way the rupee moves as well as on the market conditions. According to a popular TV news channel, the government is of the belief that small frequent hikes have become the need of the hour and that the government has nearly exhausted its subsidy figures for the current year.
The petrol hike has burdened the common man with the present hike. It is one of the steepest hike in recent times. The government-owned Oil Marketing Companies (OMCs) had hiked petrol prices by Rs 7.54 per litre on May 23, 2012.
The decision has irked both the allies and the Opposition alike with UPA-ally Trinamool Congress intending to take out a protest march in Kolkata. The march will be led by none other than West Bengal CM Mamata Banerjee. The other protests planned are by the DMK that has called for an agitation on May 31. The NDA has, meanwhile, called for a nationwide bandh on May 31 protesting against the petrol price hike. BJD has decided to hold a statewide bandh on May 30.