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Union Finance Minister Pranab Mukherjee on Thursday said the decision to hike the petrol price was taken by the oil marketing companies, as petrol is a deregulated commodity. "Yesterday, I told that it is the decision of oil marketing companies. Petrol is a deregulated commodity," Mukherjee told media here. In the steepest ever increase, the UPA-II Government on Wednesday raised petrol prices by about a massive Rs 7.54 per litre, the first hike in rates in six months. The hike in prices means that the price of petrol in Delhi will go up from Rs.65.64 per litre to Rs.73.14 per litre. In Mumbai, the price will go from Rs.70.66 per litre to Rs.78.16 per litre. In Kolkata, the price will go from Rs.70.03 per litre to Rs.77.53 per litre In Chennai, the price will go from Rs.69.55 per litre to Rs.77.05 per litre. State-owned oil companies have decided to raise petrol price by Rs 6.28 per litre excluding local sales tax or VAT. The hike translates into Rs 7.50 per litre in Delhi and is the steepest ever. The decision to hike petrol prices comes a day after the end of the Budget Session of Parliament.

Petrol a deregulated commodity: Mukherjee