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Petrol, diesel prices hiked; LPG increased by Rs 50 a cylinder

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. 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 o ver Rs 720 crore. In addition, the oil producing PSUs like ONGC would shell out Rs 60,000 crore through discounts to state-owned oil refiners and marketing companies.
Despite all the measures, there would still be a gap of Rs 29,000 crore, the Revenue Secretary, Mr P V Bhide told reporters briefing about the decisions taken at the Cabinet.

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