New Delhi, Jun 4: Prime Minister Manmohan Singh will address the nation at 2030 hrs today to explain the government's stand on fuel price hike. The Cabinet Committee on Political Affairs (CCPA) met this morning at the 7-Race Course residence of the Prime Minister to discuss the issue of increasing prices of petroleum products following spurt in oil prices in the international market.
Government had decided tp increase petrol price by Rs 5 per litre, diesel by Rs 3 per litre and LPG per cylinder by Rs 50. There is no increase in kerosene rates at present.
Petrol products excise duty cut from 10 to 5 per cent. Estimated loss of revenue for the Government is Rs 22,660 crores. Custom duty on petrol and diesel down to 2.5 per cent from 7.5 per cent. Excise duty on petrol and diesel is cut by Rs 1. Left parties said that the private companies should be taxed not the common people. Left parties are set to hold nationwide protest from June 5 to June 11.