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| Edited By: Neeraj Thakur |Source: DNA |Updated: Mar 17, 2018, 06:57 AM IST
A hike in petrol prices looks imminent after finance minister (FM) Pranab Mukherjee ignored demands for a cut in import duty on crude oil and excise duty on production of petrol and diesel. The ministry of petroleum had asked oil marketing companies (OMCs) to withhold prices in anticipation of a duty reduction.
The import duty on crude oil is at 5%, while the excise duty on petrol and diesel is Rs14.35 and Rs4.60 a litre, respectively.
“The board members will have to discuss the possibility of an immediate price hike,” said an OMC executive. The OMCs are losing over Rs2 per litre on sale of petrol, Rs10 on diesel, Rs21.60 on kerosene and Rs356.07 per 14.2kg LPG cylinder. The price hike decision will require the consensus of an empowered group of ministers.
