''Against the required hike of Rs 21.43 per litre, the government has increased only Rs five on petrol, against the required hike of Rs 31.58 per litre, diesel prices has been raised only by Rs three per litre and against the required Rs 353 hike on LPG cylinder, we raised only Rs 50 per cylinder,'' Petroleum Minister Murali Deora told reporters here.
The price increase will meet only a small portion of oil marketing companies' (OMCs) projected under recoveries for FY08-09, which is amounted to be Rs 2,45,305 crores. 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.