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Diesel, kerosene, LPG prices hiked
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Print Notwithstanding the objections raised by the Trinamool Congress, the United Progressive Alliance government on Friday decided to increase the price of diesel by Rs. 3 a litre, kerosene by Rs. 2 a litre and domestic LPG by Rs.50 a cylinder. The increase will be effective from midnight Friday.
The “politically sensitive decision” is bound to push up the already rising inflation.
The government also slashed the customs duty on crude oil and on all other petroleum products by 5 percentage points. The excise duty on diesel was reduced from Rs. 4.60 a litre to Rs. 2 a litre. These two decisions will entail a revenue loss of Rs.49,000 crore. The government ruled out any increase in petrol prices.
“The hike in the prices of three commodities will lead to a revenue gain of Rs. 21,000 crore to the oil marketing companies (OMCs) suffering huge under-recoveries, which are being projected at Rs.1,70140 crore during 2011-12. The under-recoveries will now come down to Rs.1.20 lakh crore,” Petroleum and Natural Gas Minister S. Jaipal Reddy told journalists after a meeting of the Empowered Group of Ministers, headed by Finance Minister Pranab Mukherjee.
The EGoM took the much-deferred decision, which Mr. Jaipal Reddy said was aimed at cutting down the burgeoning under-recovery of the oil marketing companies.
It is learnt the Mamata Banerjee-led Trinamool Congress opposed any increase in prices of petroleum products, especially those of kerosene and LPG.
The government had increased petrol prices in May this year. The last increase in the prices of diesel and LPG was effected in June 2010, when diesel prices were increased by Rs. 2 and LPG by Rs. 35.
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