May 22, 2012. With rupee depreciation leading to jump in oil import bill, Petroleum Minister S Jaipal Reddy said there is an immediate need to raise fuel prices, but refused to say when the hike will actually take place. The government had decontrolled petrol price in June 2010 but rates were last increased on November 4 last year. This despite oil price rising by 14 per cent and 7 per cent fall in value of rupee against the US dollar. Price of diesel, kerosene and cooking gas were raised in June last year. State-owned oil firms, who had in the fiscal ending March 31, 2012 lost ' 4,860 crore on petrol sales, are currently losing ' 6.28 per litre on petrol. After including 20 per cent VAT, the desired increase in petrol price in Delhi comes to ' 7.53 a litre.