The price of petrol has been hiked by Rs 5 and the price of diesel by Rs 3. The hike will come into effect at midnight.
Petroleum minister Murli Deora announced the help the government will be offering the oil companies. Among other things are a reduction in excise duty by Re 1 on petrol and HSD, a cut in customs duty to zero and the provision for oil bonds for OMCs, in a bid to recover Rs 94600 crore of under-recoveries.
