Diesel price in india,LPG price in india,Diesel price in india today,LPG price in india today,Diesel price hike today,LPG price hike today

Diesel price in india | LPG price in india | Diesel price in india today | LPG price in india today | Diesel price hike today | LPG price hike today

Tag:Diesel price in india,LPG price in india,Diesel price in india today,LPG price in india today,Diesel price hike today,LPG price hike today

(copied from www.ndtv.com )

There is speculation that the meet could lead to a diesel price hike which was last revised in June 2010 by Rs. 2. The Oil Ministry has also made case for increase in domestic LPG price which was also revised last year in June, by Rs. 35 per cylinder.

A hike of Rs. 2-3 per litre in diesel prices and an increase of at least Rs. 25 per domestic LPG cylinder are on the EGoM agenda. It may also consider raising kerosene prices.

The high powered panel may also consider lowering customs or import duty on crude oil to zero from the current 5 per cent, and on diesel from 7.5 per cent to 2.5 per cent.

Mr. Reddy said only a detailed analysis of the scenario developing from spike in rates of international crude oil, on which India depends on to meet more than three quarters of its energy needs, has been submitted to the Empowered Group of Ministers (EGoM).

Sources say the ministry wants a cut in Rs. 4.60 per litre Central excise duty levied on diesel to moderate the impact of high crude oil prices.

A similar formula would apply to the Rs. 27.47 per litre loss on kerosene and Rs. 381.14 under-realisation on sale of every 14.2-kg domestic LPG cylinder.

The last increase in prices of these three products was taken in June last year when crude was ruling around $72 per barrel. The current price for Indian basket of crude is around $108 per barrel.

The EGoM headed by Finance Minister Pranab Mukherjee includes Agriculture Minister Sharad Pawar, Power Minister Sushilkumar Shinde, Road Transport Minister C P Joshi, Chemical and Fertiliser Minister M K Alagiri and Planning Commission Deputy Chairman Montek Singh Ahluwalia.

Ref: http://www.ndtv.com/article/india/group-of-ministers-to-meet-on-diesel-lpg-price-hike-today-114412