New Delhi: The government, which hiked the diesel price by Rs 5 per litre on Thursday, spared an increase in petrol price by cutting excise duty of Rs 5.50 per litre.
While the government announced the diesel price hike to be effective from midnight, it left kerosene and LPG rates untouched.
The Cabinet Committee on Political Affairs, headed by Prime Minister Manmohan Singh, this evening decided to raise diesel prices by Rs 5 per litre, excluding VAT (value-added tax).
It also decided to restrict supply of subsidised cooking gas to six cylinders per household in a year.
Diesel in Delhi costs Rs 41.32 a litre and after this hike, it will cost Rs 46.95, after considering 12.5 per cent VAT on the hike.
Petrol needed a hike of Rs 6 per litre but the government offset that by reducing excise duty by Rs 5.50 per litre from existing rate of Rs 14.78 per litre.
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