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Budget 2012 – Rs. 5 Per Liter Increase In Diesel Prices?

Finance Ministry is on a go to recover the fiscal deficit. As a part of this the government is planning to put back the excise duty cut on diesel. According to the data given by the oil ministry officials the government will be able to get a minimum Rs.35, 000 crore only by increasing the duty cut from Rs.2.60 a liter to Rs.4.60 a liter.

Diesel Crunch

Diesel Crunch

This duty cut was reduced to Rs.2 per liter by the Govt itself the previous year to reduce the price hike on petrol and other. And it is expected that the average crude price would remain around $100 a barrel during the next fiscal year.

As the headline inflation dropped to 6.5 per cent and food inflation going into the negative zone, it is believed that this increase on petrol and diesel prices will not show much of an effect on the public.

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