Petrol prices up Rs5, diesel by Rs3

The UPA Government on Wednesday finally bit the bullet and announced a package comprising a mix of price increases and duty changes to enable the public sector oil marketing companies to combat high crude oil prices.

Speaking at a news conference in New Delhi today, Petroleum Minister Murli Deora said that petrol prices have been hiked by Rs5 per litre while diesel will be costlier by Rs3 a litre.

The Government has also increased domestic LPG price by Rs50 per cylinder. There has been no hike in the prices of kerosene.

The revised fuel prices will come into effect from midnight.

Separately, the Finance Ministry announced a revision in customs duty and excise duty on crude oil and petroleum products to help cushion the common man from the impact of the price hike.

Customs duty on crude oil has been removed from 5% at present. The customs duty on diesel and petrol has been cut to 2.5% from 7.5% while for other products the same is down to 5% from 10%.

Excise duty on petrol and diesel has been trimmed by Re1 per litre each.