The steepest hike of Rs 7.50 ever on petrol has caused a lot of flutter all across the country. People flocked to the streets, political parties revolted, there were Bandhs observed all across India. Everyone was dumb-stuck with this decision.
The result (or possibly a pre-planned one) is that petrol prices have been rolled back partially by Rs 2. The new prices would go effective from today midnight. The new price of petrol in Delhi would come out to be Rs 71.18 against the earlier Rs 73.18.
The reason given is that the price of petrol per barrel has gone down from USD 124.37 when price of petrol was hiked on 24 May to USD 115.77 now. The actual reduction is Rs 1.68 which would mount to Rs 2 including all the taxes and other levies.
The bigger question we all have is: Is this rollback enough?