State-run fuel retailers have raised petrol price by Rs 1.40 a litre, excluding state tax. The second hike in a month made clear the Centre’s determination to prune subsidies by pushing through fuel pricing reforms. The new price in Mumbai will be Rs 77.66 a litre, up from Rs 75.89.
Though petrol was off the subsidy bucket after the Centre deregulated it in June, 2010, the government had so far been pulling strings from behind to keep fuel retailers in check. The frequent changes in the fuel’s pump price in recent days indicates the government’s hands -off policy.
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