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Diesel, LPG prices hiked

By The Assam Tribune

NEW DELHI, June 24 � Biting the bullet, government today hiked the price of diesel by Rs 3 a litre, kerosene Rs 2 a litre and cooking gas by a steep Rs 50 a cylinder to raise Rs 21,000 crore, and slashed customs and excise duties on petroleum products, sacrificing Rs 49,000 crore a year.

The hike in prices will be effective from midnight tonight.

The Empowered Group of Ministers (EGoM), headed by Finance Minister Pranab Mukherjee, met today and took the much-deferred politically sensitive decision, which Oil Minister S Jaipal Reddy said was done to cut down on burgeoning under-recovery of oil marketing companies.

The under-recoveries which stood at Rs 1,71,140 crore will now come down by Rs 21,000 crore after today�s decision.

Today�s decision comes more than a month after petrol price was hiked by Rs 5 a litre. � PTI

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