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Friday, June 24, 2011

Diesel, kerosene, LPG prices hiked; excise, customs duties cut!

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New Delhi, June 24, (PTI):

Biting the bullet, 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 crores, and slashed customs and excise duties on petroleum products, sacrificing Rs 49,000 crore a year.

The hike in prices will be effective from midnight tonight. The Empowered Group of Ministers (EGoM), headed by Finance Minister Pranab Mukherjee, met today 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.

The under-recoveries which stood at Rs 1,71,140 crores will now come down by Rs 21,000 crores after today's decision. Today's decision comes more than a month after petrol price was hiked by Rs 5 a litre.

Reddy told a press conference that the price of diesel would be raised by Rs 3 a litre, kerosene supplied through PDS by Rs 2 per litre and domestic LPG by Rs 50 a cylinder.
He described the increase as "very modest and minimal".

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