Petrol, Diesel Prices go up, LPG Price hiked by Rs. 50

Breaking News! The inevitable finally happened. Petroleum Minister Murli Deora announced the fuel price hike in a press conference minutes ago. While the Petrol prices hiked by Rs. 5, the diesel prices have been hiked by Rs. 3. The LPG prices too went up by Rs. 50 per cylinder. The kerosene prices will remain unchanged. The new rates will come into force from midnight.

The government has cut the customs duty on crude oil from 5 percent to nil to compensate the oil companies. The excise duty on petrol and diesel reduced by Rs. 1. The customs duty on all petro products reduced to 5 percent from the existing 10 percent. The government will issue oil bonds worth Rs 94,601 crore to compensate oil marketing companies' revenue losses.

The Petroleum Minister said that government tried its level best to keep the fuel price hike at a minimum level. According to him, the required hike in petrol prices was Rs. 21.42, while the required hike in diesel prices was 31.58. Similarly, the required hike in the LPG prices was Rs. 353, which should have been enough to compensate the oil companies.

Here's what the consumers will have pay for petrol and diesel in four metro cities - Delhi, Mumbai, Kolkata and Chennai.

Mumbai

Petrol: Rs. 50.51 (old rate), Rs. 55.51 (new rate)
Diesel: Rs. 36.08 (old rate), Rs. 39.08 (new rate)

Kolkata

Petrol: Rs. 48.95 (old rate), Rs. 53.95 (new rate)
Diesel: Rs. 33.92 (old rate), Rs. 26.92 (new rate)

Chennai

Petrol: Rs. 49.61 (old rate), Rs. 54.61 (new rate)
Diesel: Rs. 34.40 (old rate), Rs. 37.40 (new rate)

Delhi

Petrol: Rs. 45.52 (old rate), Rs. 50.52 (new rate)
Diesel: Rs. 31.76 (old rate), Rs. 34.76 (new rate)

Bangalore

Petrol: Rs. 52.86 (old rate), Rs. 57.86 (new rate)

Diesel: Rs. 36.44 (old rate), Rs. 39.44 (new rate)