"Want to fill up? Show me the money...!"
The Indian government has announced a hike in the prices of petrol and diesel by Rs 4 per litre and Rs 2 per litre respectively. The new prices are effective with immediate effect.
‘International crude oil prices have risen from $40 a barrel in December 2008 to $70 a barrel today. When prices had declined to $40 a barrel, the Government responded by reducing, in two steps, the price of petrol by Rs 10 a litre and the price of diesel by Rs 4 a litre. In view of the increase in the price of crude oil by 75 percent, the under-recoveries have reached a level where it has become inevitable to revisit the prices,’ said Petroleum Secretary, R S Pandey.
While petrol and diesel will now cost more, the government has not hiked prices on LPG and kerosene. The subsidy on kerosene is currently Rs 15.26 per litre, and on domestic LPG, Rs 92.96 on each cylinder.
Despite the increased prices of petrol and diesel, the government expects under-recoveries of about Rs 56,000 crore in the current fiscal, on the sale of petrol, diesel, kerosene and LPG.
0 Comments:
Post a Comment