Finally the government came out with the decision of oil price hike as most of the oil companies where going on loss , they not only did hike it but also have cut the excise duty also on oil.
Petrol prices up by Rs 5,
Diesel up by Rs 3 and
LPG price up by Rs 50 per cylinder.
Duty cuts are bringing a loss of revenue of about Rs 22,660 crore for the remaining 10-month period for this financial year ending march 2009.
>Customs duty on crude will be made nil from 5%.
>Customs duty on HSD and petrol will be reduced from 7.5% to 2.5%.
>Customs duty on other petroleum products will be reduced from 10% to 5%.
>Finally, excise duty on HSD and petrol will be reduced by Re 1 per litre each. So, Re 1 on petrol and Re 1 on diesel