The oil ministry has submitted a proposal to the Empowered Group of Minister (EGOM) for fuel price hike. The ministry has proposed that customs duty on crude oil be scrapped along with the excise duty on diesel. The ministry has sought a Rs 4 hike on diesel, if duty stays. Similarly, Rs 150 hike in liquefied petroleum gas (LPG) and Rs 9 hike in kerosene would help the ailing oil and gas sector, says the oil ministry.
Meanwhile, the government is expected to raise diesel, cooking gas and kerosene prices next month after a gap of one year as cash-strapped state oil marketing companies complain that their borrowings have risen alarmingly and they will be forced to cut fuel supplies, starting with cooking gas.
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