Petroleum Minister Murli Deora has announced that excise duty on HSD and petrol has been reduced by Re 1 (current rate Rs 14.35 for petrol - Rs 4.60 for diesel).
Petrol prices have been hiked by Rs 5, diesel by Rs 3 and LPG price hiked by Rs 50 per cylinder.
Customs duty on crude has been reduced to nil from 5%. The duty cuts would amount to Rs 22,660 crore in revenue loss, the Revenue Secretary said.
The price hike will be effective from midnight today.
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