LPG Diesel Price Up June 2011 - LPG up Rs. 50 - Diesel up

LPG Diesel Price Up June 2011 - LPG up Rs. 50 - Diesel up Rs. 3 - Hike in Diesel LPG Gas Cylinder Kerosene Prices - Fuel Price increase Rise Jun 24 2011 - Fuel Prices Hiked Increased Rised - Mumbai, Delhi, Chennai, Kolkata - Custom Duty eliminated 0% Crude

Empowered Group of Ministers headed by Finance Minister Pranab Mukherjee met today and hiked fuel prices throughout India including Mumbai, Delhi, Chennai, Kolkata

LPG Gas Cylinder (Domestic) - Rs. 50 per cylinder excluding VAT

Diesel - Rs. 3 per litre

Kerosene (PDS) - Rs. 2 per litre

- Loss to exchequer because of subsidy Rs. 1.71 lakh crores

- 0% custom duty Crude Oil and all Petro Products. Elimination of 5% custom duty. Will result in Loss of 26,000 crore for full fiscal year 2011-12

- Reduction in excise duty on diesel from Rs. 4.60 to Rs. 2 liter Revenue loss Rs. 23,000 crore

- Hike in prices will reduce the under recovery of oil companies only by Rs. 21,000 crore