Petrol up by Rs 5; diesel up by Rs 3

Petroleum Minister Murli Deora has announced that excise duty on HSD and petrol has been reduced by Re 1 (current rate Rs 14.35 for petrol - Rs 4.60 for diesel).

Petrol prices have been hiked by Rs 5 and diesel by Rs 3.

Customs duty on crude has been reduced to nil from 5%. The duty cuts would amount to Rs 22,660 crore in revenue loss, the Revenue Secretary said.

The Cabinet has decidedly approved the fuel price hike, said Murli Deora, Petroleum Minister.

In a broker poll conducted by CNBC-TV18, all respondents expect a Rs 3-5 hike in petrol prices and Rs 2-3 hike in diesel prices. While 70% feel markets would react positively to the over Rs 5 hike in petrol prices. And 30% see neutral to negative impact in case of over Rs 5 hike in petrol.