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HindustanTimes Thu,02 Oct 2014

Govt sets up expert group on pricing of petroleum products

PTI  New Delhi, July 06, 2009
First Published: 17:00 IST(6/7/2009) | Last Updated: 17:00 IST(6/7/2009)
Days after raising petrol and diesel prices, the government on Monday announced setting up of an expert group on pricing of petroleum products.

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"Government will set up an expert group to advise on a viable and sustainable system of pricing petroleum products," Finance Minister Pranab Mukherjee said presenting the Budget for 2009-10 fiscal in Parliament.

The details of the expert group were not announced.

In a boost to use of environment-friendly bio-fuels, he fully exempted petrol and diesel blended with bio-diesel obtained from vegetable oils from excise duty.

Currently, petrol attracts a basic central excise duty of Rs. 5.35 a litre plus Rs. 6 a litre special additional excise duty. Diesel on the other hand an excise duty of Rs. 1.60 per litre.

"In order to encourage the use of this environment- friendly fuel and augment its availability in the country, I also propose to reduce basic customs duty on bio-diesel from 7.5 per cent to 2.5 per cent, at par with petrol and diesel," he said.


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