Petrol a deregulated commodity: Pranab

New Delhi: Finance Minister Pranab Mukherjee today said the decision to increase petrol price by a massive Rs 7.54 a litre was taken by oil marketing companies as the government had deregulated the fuel nearly two years ago.

"The decision has been taken. Petrol is a deregulated commodity," Mukherjee told reporters in response to queries on the steep hike in petrol prices. State-owned oil marketing companies today announced the steepest ever increase in petrol prices. With the hike, the prices would become dearer by as much as Rs 7.54 per litre from midnight tonight.

The government had decontrolled petrol price in June, 2010. Prices were last increased on November 4, 2011. The latest increase comes in the backdrop of rupee crossing the 56-mark against the US dollar.