NEW DELHI: The price of petrol was on Monday raised by Rs 1.69 per litre effective midnight as there was a rise in global oil prices and exchange rates. Diesel prices were also hiked by Rs 0.50/litre.
Fuel subsidy is the biggest drain on the exchequer. In the current fiscal, subsidy on diesel, LPG and kerosene is estimated at Rs 115,548 crore. Of this, LPG accounts for Rs 50,324 crore and kerosene Rs 29,488 crore.
In 2013-14, the government paid Rs 70,772 crore in cash subsidy while upstream firms shelled out Rs 67,021 crore. In the previous year, the government payout was Rs 100,000 crore and upstream contribution was Rs 60,000 crore.
Last week speculation was rife that the government might raise prices of cooking gas (LPG) and kerosene aimed at wiping out the Rs 80,000 crore subsidy on the two fuels. Putting speculations to rest, the government had said it was not considering raising prices of LPG and kerosene. :angry
Read:-
Petrol price hiked by Rs 1.69 per litre, diesel by Rs 0.50 with effect from midnight - The Economic Times on Mobile
Fuel subsidy is the biggest drain on the exchequer. In the current fiscal, subsidy on diesel, LPG and kerosene is estimated at Rs 115,548 crore. Of this, LPG accounts for Rs 50,324 crore and kerosene Rs 29,488 crore.
In 2013-14, the government paid Rs 70,772 crore in cash subsidy while upstream firms shelled out Rs 67,021 crore. In the previous year, the government payout was Rs 100,000 crore and upstream contribution was Rs 60,000 crore.
Last week speculation was rife that the government might raise prices of cooking gas (LPG) and kerosene aimed at wiping out the Rs 80,000 crore subsidy on the two fuels. Putting speculations to rest, the government had said it was not considering raising prices of LPG and kerosene. :angry
Read:-
Petrol price hiked by Rs 1.69 per litre, diesel by Rs 0.50 with effect from midnight - The Economic Times on Mobile
