New Delhi: The Petroleum Ministry on Wednesday proposed an increase in the fuel prices by upto Rs 10.43 a litre in petrol and Rs 114.45 per cylinder of cooking gas.
The hike is an attempt to save oil companies from a massive financial loss. However, the Left parties are opposed to the move.
They instead suggested a cut in duties and CNG pricing policy to mitigate the surging international oil prices.
Sources said Left leaders wanted customs duty to be halved and a specific excise duty levied on products.
In a presentation to Left leaders, including Sitaram Yechury of CPM and Gurudas Dasgupta, the oil ministry said prices of petrol need to raised by Rs 9.33 per litre, diesel by Rs 10.43 per litre, kerosene by Rs 17.16 per litre and LPG by Rs 114.45 per cylinder if prices are to be brought at par with imported costs.
The Oil ministry said that without a price hike, oil companies would suffer a revenue loss of Rs 73,512 crore in 2006-07 fiscal.
Comments
0 comment