Petrol price likely to increase

While the price of petrol has been cut by 63 paise per litre, the price of diesel has been slashed by Rs. 1.06 per litre.

New Delhi: the federal government on Sunday lifted excise duty on diesel, the 2nd escalation in responsibilities in only over fourteen days on gas by Rs 0.37 per litre and buy a litre, to mop crore up. According to an estimate, government is pocketing Rs 25 on one litre petrol while Rs 33 on that of diesel.

Bilkulonline.com, New Delhi, Jan 1: Oil marketer Indian Oil Corp (IOC) on Thursday announced a reduction in petrol and diesel prices effective midnight, following a fall in global crude oil prices.

Diesel (0.05% Sulphur) will decrease by 76.00 cents/ litre.

Being a sole bread-earner of 10-member family, he said that the government should decrease petrol price, as somehow it would help ease his financial burden.

Earlier, Pakistan Oil and Gas Regulatory Authority (OGRA) has suggested to Finance Ministry to reduce petroleum prices up to Rs 8. This is the second increase in duties in just over two weeks. It led to about Rs 20,000 crore in additional revenue to the government, helping it meet its fiscal deficit target.

The four excise duty hikes during this period totalled Rs.7.75 per litre on petrol and Rs.6.50 a litre on diesel.