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LPG, diesel prices up

Saturday, June 25, 2011

Biting the bullet, the government on Friday hiked the price of diesel by Rs.3 a litre, kerosene Rs.2 a litre and cooking gas by a steep Rs.50 a cylinder to raise Rs.21,000 crore, and slashed customs and excise duties on petroleum products, sacrificing Rs.49,000 crore a year.

The hike in prices was effective from Friday midnight. The Empowered Group of Ministers (EGoM), headed by Finance Minister Pranab Mukherjee, met on Friday and took the much-deferred politically sensitive decision, which Oil Minister S Jaipal Reddy said was done to cut down on burgeoning under-recovery of oil marketing companies.

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