Bad news for common man!
Government of India has announced a sharp increase in prices of petrol,diesel,lpg and kersone. No one is barred from common man to auto manufacturers, all set to suffer. With the hike, petrol price is up by Rs 3.73/litre, Diesel goes up by Rs 2, LPG by Rs 35 and kerosene by Rs 3/litre. The increase in price comes into effect immediately (from 24th June 2010).
Also the government has decided to free the prices of petrol and diesel from its control (which means it market driven from now onwards). This move is good for the Oil companies on the long run. As the inflation is already hovering around 10%, it is surely a bad news for consumers. The demand for automobile may also take a hit following the hike.