The hike coming your way would be very steep, if sources are to be believed. According to sources, diesel prices would be increased by around Rs 4 to 5 per litre, compared to the existing prices. LPG prices will be increased by Rs 50 per cylinder. The decision in regard to hike of petrol prices is yet to be taken by the oil companies.
The Cabinet Committee on Political Affairs will meet on Tuesday, Sept 11. The meet is likely to discuss the fuel price hike.
While Congress has favoured hike in fuel prices, its allies like TMC are likely to oppose government's decision. Observers say that Congress-led UPA government would face bitter opposition from various opposition parties, including BJP, once the hike would be announced.
However, officials at finance and petroleum ministries support the hike in fuel prices. It is believed that increasing the prices would help prevent bankruptcy of the oil marketing companies (OMCs) and their downgrading by international rating agencies. Even all the Oil companies are stressing on the need to increase fuel prices. Oil companies are suggesting the government to increase petrol prices by Rs 5 per litre. They also favour hike in diesel, LPG and kerosene prices.
The steep hike is going to adversely affect the commoners, as their monthly budget plan would go haywire. Already people of India are reeling under astronomical rise in prices of daily essential goods in recent times.
Even experts warn that fuel price hike would mostly affect the middle and lower middle classes.
Expressing displeasure at frequent increase in fuel prices, Ashwini Nath, a Bangalore-based teacher said the government was anti-people.
"Frequent fuel price hike only affects the common people. Rich people don't mind paying more. But what about middle class people like us?" questioned Ashwini.