: Retail prices of petrol and diesel will go up from midnight today as the government has given the go-ahead to public sector oil marketing companies (OMCs) to pass on the impact of the increased duty burden to fuel consumers. While presenting Budget 2010-11 in Parliament on Friday, finance minister Pranab Mukherjee proposed to hike central excise duty on petrol and diesel by Re 1 per litre, even as he restored customs duty on crude oil to 5%.
Full Story: Petrol, diesel prices up - Financial Express
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“We have been advised by the petroleum ministry to raise petrol and diesel price from midnight today to pass on the impact of the increased duty. Petrol and diesel prices will go up by Rs 2.71 a litre and Rs 2.55 a litre, respectively, in Delhi from midnight today,” IOC director (finance) SV Narasimhan told FE. Under the subsidy sharing mechanism put in place by the government for the petroleum sector, upstream oil companies like ONGC , Oil Indian Ltd (OIL) and GAIL India are required to pay price discounts to help OMCs bear under-recoveries on petrol and diesel sale. However, the upstream companies have shown their reluctance to share the subsidy burden.Full Story: Petrol, diesel prices up - Financial Express
