The Government of India on Wednesday raised petrol price by Rs 5 per liter, diesel by Rs 3 and LPG by Rs 50 per cylinder. The government, announced the increase after the crude oil price touched an all-time high of 135 dollars a barrel.
State-run Indian Oil, Bharat Petroleum and Hindustan Petroleum would have suffered a revenue loss of Rs 245,305 crore this fiscal if the prices had not been hiked. The government also announced an across the board 5 per cent cut in customs duties, bringing rates on crude to zero, on petrol and diesel to 2.5 per cent and on other products like ATF and naphtha for non-fertilizer use to 5 per cent.
While Left parties sought review and announced nationwide protests, the main opposition BJP said it was UPA government’s economic terror on the common man.