India Raises Diesel Price, Cuts Tax on Gasoline
09/13/2012| 08:45am US/Eastern
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NEW DELHI--India Thursday raised the price of diesel, cut the excise tax on gasoline and limited the supply of subsidized cooking gas to consumers in a bid to trim its subsidy bill and to help state-run fuel retailers reduce their losses on subsidized fuel sales.
After the hike, diesel prices will go up by 5 rupees ($0.09) per liter, and will cost about 47 rupees a liter in New Delhi effective Friday, an oil ministry statement said.
The government capped the sale of subsidized cooking-gas cylinders to six a year per household. It cut the excise duty on gasoline by 5.30 rupees per liter.
The government, however, kept the price of kerosene unchanged.
The changes will help fuel retailers trim their losses for the current financial year began April 1 by 203 billion rupees, the ministry said.
Write to Rakesh Sharma at rakesh.sharma@dowjones.com & Mukesh Jagota at mukesh.jagota@dowjones.com
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