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The D-day for the auto users finally dawned today. From midnight last night, May 14, the petrol prices have increased. The increase will come into effect from today (Sunday). However, it is shocking to know that the price hike has been far more than expected. It was rumored that the price would go up somewhere around Rs. 3 per liter. However, the official announcement speaks of an increase of Rs. 5 per liter.

So, according to the new rates, one liter of petrol in the capital of India will cost Rs. 63.37. The previous rate in Delhi was Rs. 58.37 per liter. However, the price hike announced will not serve the purpose of the oil companies in entirety as they will still continue to suffer the losses. Oil companies are still losing around Rs. 5.50 per liter. Be prepared, there is another price hike in the offing.

The shock will continue hereon as well, as the prices for diesel, which still has not been announced, are also set to be increased. It is foretold that there will be an increase of Rs. 4 per liter for diesel.

Bharat Petroleum (BPCL) increased the price by Rs. 4.99 per liter and Hindustan Petroleum (HPCL) gave a shock by Rs. 5.01 a liter. According to officials, the price hike could have been as high as Rs. 10.50 per liter. However, the companies increased the prices by only half the needed boost in the prices.

This announcement in petrol hike makes it the eighth hike in prices since June last year. The price hike obviously did not go well with the common man as they feel it is the ‘burden’ which has been awarded to them.

However, the price hike had been held up from January this year. The hike was imminent as the crude oil prices had increased to a high of two-and-a-half years.