Petrol price hiked

Petrol price hiked by Rs. 4 and of Diesel by Rs. 2 – another bad news since yesterday after I was told that Anuj is also going to China for 1.5 months. Pankaj is going to Germany for 3 months and here I will be alone after next weekend for 1 month at least.

Wonder if they will drop ever. The Petroleum Ministry in its proposal had said that the under-recoveries of Rs 73,512 crore till the end of the fiscal year in March 2007 be equally shared between the government, consumers and the oil industry. Mann, petroleum sector is under real loss! And I was thinking that I am paying soooo much to enjoy biking 😉
Here is the news –

Petrol price up Rs 4, diesel Rs 2

The government has decided to hike the price of petrol and diesel by Rs 4 and Rs 2 per litre respectively. The Cabinet had met on Monday to discuss the price hike after the Petroleum Ministry’s proposal.

To this effect, customs duty has been reduced from 10 per cent to 7 per cent. The government issued oil bonds worth Rs 28,000 crore to the oil companies.

The proposal has indicated that a Re 1 hike in the prices of petrol, diesel and kerosene and Rs 10 hike in the price of LPG would fetch Rs 5,350 crore to the oil marketing companies for the remaining ten months of the fiscal year.

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