Fuel distortions

Petrol prices are up yet again, the eighth time in the last year. Since November 2010, the price of this fuel has zoomed from Rs 52.59 to Rs 68.64 a litre (Delhi rates). The villain this time is different, though. Oil companies have laid the blame at the doorstep of the rupee, which has weakened against the dollar, the currency for oil trading. Strangely, though the depreciation ought to impact all products, only petrol prices have been hiked.

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