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Mumbai, June 4

The revision of petrol, diesel and LPG prices, will push up inflation by 95 basis points, said a report from rating agency Crisil. Out of this, the direct impact will be 51 basis points, with the highest contribution coming from the hike in the LPG price hike. The indirect impact which will felt over the course of next few months will be 44 basis points. The Government has announced that it will issue oil bonds worth Rs 94,600 crore in the fiscal 2008-09. As a result of in creased burden of oil bonds, Government’s off-budget liabilities would increase to 1.80 per cent of GDP, the report said. In addition to raising fuel prices, the Government also announced reduction on excise duty on fuel, which is expected to result in revenue loss of about Rs 22,000 crore this fiscal. Oil marketing companies are expected to gain Rs 38,200 crore due to the price hikes and excise duty reduction. Oil refining companies are expected gain Rs 12,000 crore from customs duty reduction, the report said.

– Our Bureau

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