The government has justified the increase in petrol prices while several other opposition parties have termed it as unreasonable. Talking to newspersons in New Delhi the Finance Minister Pranab Mukharjee said the decision to hike the petrol price was taken by the oil marketing companies as the government had deregulated the fuel nearly two years ago. The Petroleum and Natural Gas Minister Jaipal Reddy had earlier hinted the hike citing the free fall in rupee prices against the dollar as reason.

The Congress Party spokesperson Rashid Alvi said the decision to this effect has been taken by oil companies.BJP opposed the price hike of petrol and termed it the betrayal by UPA overnment with common people. Party pokesperson, Rajiv Pratap Rudy said BJP will launch a nation wide campaign aginst the hike and pressurized the government for roll back of the hike.The second largest partner of the UPA Government, the Trinamool Congress has criticised the decision of hike in petrol prices. Opposing the move, the Trinamool Congress Supremo and West Bengal Chief Minister, Ms. Mamta Banerjee said in Kolkata that her party was not taken into confidence before taking such decision.CPI has also opposed the price hike of petrol and said it is against the common people. Senior leader, Gurudas Das Gupta said the hike will add burden on people and it will also affect the investment in the country.
State-owned oil marketing companies yesterday announced the steepest ever increase in petrol prices. With the hike, the prices have became dearer by as much as Rs 7.54 per liter from midnight last night. Petrol in Mumbai will now cost 78.57 rupees a liter against 70.66 a liter. In Kolkata it will now cost 77.88 rupees a liter. In Chennai the revised rate will 77.53 rupees a liter while in Delhi it will be 73.18 rupees a liter.