Price of petrol will go up by Rs 2 per litre and diesel by Re 1 per litre, said sources. The Cabinet will formally announce the hike this week, reports CNBC-TV18. Although, duty restructuring on petro products seems unlikely.
A top official of the Petroleum Ministry told CNBC-TV18 that an Rs 2 and Re 1 hike in petrol and diesel prices, respectively, is a strong possibility. It is also unlikely that any petro-product duty restructuring would happen now. So, we are staring at an Rs 2 and Re 1 hike. If there is no duty cut, perhaps this quantum might go up.
As far as the timing of the decision is concerned, it has to be taken by the Cabinet Committee on Political Affairs, since it is now a political issue. A political decision is expected perhaps on Thursday.
However, LPG and Kerosene prices will remain untouched, as it is a politically sensitive issue for the government to tinker with in an election year. As far as petrol and diesel are concerned, Rs 2 and Re 1 seems to be the figures right now, but one would have to wait and watch for the Cabinet to take a final call on that.
Disclaimer: This information is source-based and has not ben provided to the stock exchanges.
Source: Moneycontrol.com
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