Petrol up Rs 5, diesel Rs 3 a litre; LPG up Rs 50

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Petrol up Rs 5, diesel Rs 3 a litre; LPG up Rs 50

Post by vedant on Wed Jun 04, 2008 4:50 pm

Petrol up Rs 5, diesel Rs 3 a litre; LPG up Rs 50

June 4, 2008

In the highest ever price increase, the government on Wednesday announced a Rs 5 a litre increase in petrol, Rs 3 on diesel and Rs 50 per LPG cylinder, together with customs and excise duty cuts, to combat spurt in global oil prices. The United Progressive Alliance government, however, spared the poor man's cooking medium kerosene from any increase.

The Union Cabinet, chaired by Prime Minister Manmohan Singh, took a slew of measures to offset the surging global oil prices that had put the national oil companies under acute pressure.

The increase in prices would be effective from midnight on Wednesday, Petroleum Minister Murli Deora said.

Inflation to rise by 0.6 per cent

Inflation may rise by 0.5-0.6 per cent on account of fuel price hike, the petroleum secretary said on Wednesday.

Prime Minister Manmohan Singh will address the nation on Wednesday to explain the rationale behind hiking petrol and diesel prices by Rs 5 and Rs 3 a litre, respectively, in addition to an increase of Rs 50 per cylinder of cooking gas.

The address would be telecast at 2030 hrs and follows a slew of measures decided by the Union Cabinet to tackle the crisis created by surging global oil prices that had peaked to over $135 a barrel.

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