2017 has already set in after a variety of changes including demonetization and Auto companies launching new products. And for second time in this month starting 1st Jan, midnight there has been a hike in fuel prices. Petrol price has been hiked by Rs 42 paise per litre and Diesel price also has been hiked by Rs 1.03 per litre.
Also this is the 4th time for petrol and the 3rd time Diesel prices have hiked in the past six weeks. Now petrol prices stand at 71.13 per litre and Diesel prices stand at Rs. 59.02 per litre. Fuel prices in our country are revised every fortnight on the 1st and 16th of every month based on rupee-dollar conversion rates and global crude oil prices
But the state-owned subsidiaries like Indian Oil Corporation ( IOC ) and Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corporation (HPCL) have a final say in the matter. It is highly unlikely that the government's decision for price hike is going to be appreciated by the common person as it has a direct impact on person's budget.