Pranab juggles duties on petroleum products - The Hindu

With Finance Minister Pranab Mukherjee tinkering with the customs duty and excise structure, the oil marketing companies (OMCs) have increased petrol and diesel prices by Rs. 2.71 and Rs. 2.55 a litre respectively with effect from midnight on Friday night.

Manufacturer of Hydraulic Oil Tanks India

The OMCs “are not in a position to absorb the incidence of increased taxation and are passing it on to consumers, resulting in an increase in petrol and diesel price,” Petroleum Secretary S. Sundareshan told journalists here after consultations with Petroleum and Natural Gas Minister Murli Deora. The hike also indicates that the Kirit Parikh Committee report has been put on the hold. It recommended that petrol and diesel prices be decontrolled.

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