The then Petroleum Secretary, G V Ramakrishna’s pitch to the oil majors was: with drilling rigs idle and exploration costs low, it made sense to risk bucking the trend.
After the cut, petrol will cost Rs 59.20 a litre in Delhi and diesel will be available Rs 47.20 a litre.
Prices of petrol in Delhi will be Rs 60 a litre from tomorrow as against the current Rs 60.49.
Petrol in Delhi will cost Rs 56.49 a litre from midnight tonight as compared to Rs 58.91 now.
The third excise duty hike since November will help raise additional Rs 6,000 crore during the current fiscal.
The fall in fuel prices is in a direct connection to the slump in international oil prices.
Government raised excise duty on petrol and diesel by Rs 2.25 and Rs 1 a litre respectively…
“We stopped rise of prices and we slashed price of petrol by up to Rs 2.50. Our eyes are now on diesel,” said Rajnath.
Petrol prices will come down by Rs 2. This follows price correction by oil firms as LBT on petrol was withdrawn in cantonment areas
In 2011-12, the cumulative income from VAT on petrol, diesel and CNG was Rs 5,561 crore.
‘Total expenditure proposed in budget estimates for 2014-15 including debt…’
Petrol, diesel prices will be hiked by 75 paise a litre each if Narendra Modi govt accepts report.
The changes in fuel prices will be applicable with effect from Thursday midnight.
Depreciating rupee and upward surge of international crude price had contributed to oil rate hikes.
DM Arvind Kumar Singh issued an instruction asking all employees to save diesel and petrol.