There’s yet another fuel price hike which is to be effective from midnight today. The government of India allowed state-run oil marketers to raise petrol price today. As a result, Oil companies have hiked petrol price by Rs. 5 per litre.

The government controls price of diesel, cooking gas and kerosene. State-run oil marketers are free to revise petrol price but never do it without a cue from the oil ministry’s.

PTI reports that hike in prices of Diesel and LPG are unlikely to be hiked as of now.

Crude slid below $100-level on the news of Osama bin Laden’s killing on May 2. The development lifted expectations of stability in West Asia and pushed up the dollar against all major currencies.