Highlights of India’s decisions on oil economy

June 4th, 2008 - 8:59 pm ICT by IANS  

A file-photo of Manmohan Singh

New Delhi, June 4 (IANS) Following are the highlights of the decisions on the petroleum sector taken here Wednesday at a meeting of India’s Cabinet Committee on Political Affairs, presided over by Prime Minister Manmohan Singh: - Petrol prices to be hiked by Rs.5 per litre

- Diesel to be hiked by Rs.3 per litre

- No hike in kerosene prices

- Cooking gas to be dearer by Rs.50 per cylinder

- Hikes to take effect from 12 a.m. Thursday

- Petrol to cost Rs.50.56 per litre in Delhi

- Petrol to cost Rs.55.51 per litre in Mumbai

- Diesel to cost Rs.34.80 per litre in Delhi

- Diesel to cost Rs.39.08 per litre in Mumbai

- Import duty on crude oil reduced to nil from 5 percent

- Import duty on diesel and petrol cut to 2.5 percent from 7.5 percent

- Excise duty on petrol and diesel cut by Rs.1

- Excise, tariff cuts to cost exchequer Rs.226 billion this fiscal

- Oil retailers to earn Rs.211 billion more this fiscal due to hike

- Government to issue oil bonds worth Rs.946 billion to help oil firms

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