Finance Minister Pranab Mukherjee on Friday raised petrol and diesel prices. Petrol prices will go up by Rs.2.67 a litre and diesel prices will go up by Rs.2.58 per litre. Customs duty on diesel and petrol were hiked to 7.5 percent from 2.5 percent. And excise duty was raised by Rs.1 per litre to Rs.14.35 and Rs.4.60 per liter on non-branded petrol and diesel respectively.
Pranab Mukherjee also announced 5 percent import duty on crude petroleum. This increase would impact refiners like Reliance Industries and Essar Oil. As soon as these increases were announced there were protests from the entire opposition party against the proposed hike. With the partial roll back of stimulus and petrol and diesel hike, they voiced their concern that this move would further lead to inflation. The entire opposition party walked out of the Lok Sabha after this announcement was made by Finance Minister Pranab Mukherjee. Petrol, in Delhi currently costs Rs 44.72 a litre and diesel Rs 32.92 per litre. With soaring food prices, the increase in petrol and diesel is going to be a burden on the common man.
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