NEW DELHI: The government on Wednesday hiked petrol and diesel prices by Rs 5 and 3 a litre and that of LPG by Rs 50 a cylinder, while sparing poor man's cooking medium kerosene from any increase. ( Watch )
The Union Cabinet chaired by Prime Minister Manmohan Singh took a slew of measures to offset the surging global oil prices that had put the national oil companies under acute pressure. The increase in prices would be effective from Wednesday midnight, Petroleum Minister Murli Deora said.
The price hike would help oil companies to earn Rs 21,123 crore more.
As part of measures, the government decided to take a burden of Rs 94,601 crore for which it will issue oil bonds to state-run BPCL, HPCL and IOC which were reporting a daily loss of over Rs 720 crore.
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1 comment:
ohh wow that's unbelievable...Hope this hike in price slows down. I guess the only solution to this is carpool/rideshare.
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