The government on Wednesday hiked petrol and diesel prices by Rs 5 and 3 a litre and that of LPG by Rs 50 a cylinder, while sparing poor man's cooking medium kerosene from any increase.
The government also announced customs and excise duty cuts on petroleum products with immediate effect. These cuts would entail a revenue implication of Rs 22,660 crore for the remaining 10 months of this fiscal. However, the hike was far less than the required Rs 21.43 per litre on petrol and Rs 31.53 per litre on diesel. The actual increase in LPG price necessary was Rs 353 per cylinder, Oil Minister Murli Deora told reporters.
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