Pay more to drive from today

Feb 27, 2010

New Delhi, Feb. 26: You will have to shell out an extra Rs 2.71 per litre of petrol and another Rs 2.55 per litre on diesel as the government hiked prices on Friday. The hike in fuel prices, which will be effective Friday midnight, comes after finance minister Pranab Mukherjee enforced import duty and excise tax on crude oil and refined products. Mr Mukherjee on Friday in his Budget speech said, “I propose to restore the basic duty of five per cent on crude petroleum, 7.5 per cent on diesel and petrol and 10 per cent on other refined products. I also propose to enhance the Central excise duty on petrol and diesel by Re 1 per litre each.”The total under-recoveries for refiners in the complete financial year is pegged at nearly Rs 46,000 crores.

Siddhartha P. Saikia Financial Chronicle

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