Long queues were seen on Wednesday evening after petrol price hike was declared. The price hike was to come to effect from midnight. People rushed to fill the tanks before that time.

Ahmedabad, 23 May 2012

As elections in states including Uttar Pradesh are over, and parliament session has ended, the Congress led UPA government has hiked the prices of petrol by Rs 7.50 a liter with effect from midnight tonight.

Petroleum Minister S Jaipal Reddy had said yesterday that there was an immediate need to raise fuel prices.

“It (price increase) is very essential but (before hiking rates) we have to talk to political parties,” he had told reporters.

Petrol prices were last increased on November 4 last year while price of diesel, kerosene and cooking gas were raised in June last year.

Meanwhile Rupee dipped (to an all-time low of) Rs 56 (to a US dollar) on Wednesday. Last year it was Rs 46.

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