FM-FUEL PRICE 2LST

(REOPENS TAR 56)
Mukherjee said the benefits of the government's decision
to hike prices of petro products will go to the oil marketing
companies (OMCs).
The government on last Friday hiked prices of petrol by
Rs 3.50 a litre and diesel by Rs 2 a litre, raised LPG by Rs
35 a cylinder and kerosene by Rs 3 a litre.
"This was basically to bridge the under-recoveries of the
OMCs," he said.
He said the duties hiked on petro products in the Budget
would somewhat help him bridge the fiscal deficit.
"The import duty and Rs 1 per litre excise duty imposed
at the time of the Budget has helped me little bit to bridge
the fiscal deficit," he said.
The Centre has projected to cut its fiscal deficit to 5.5
per cent of GDP this fiscal from over 6.6 per cent during
2009-10.
Over Rs 1 lakh crore garnered from spectrum sale for high
speed mobile and broadband services against the projected Rs
35,000 crore would alone help the government to cut fiscal
deficit by almost one percentage points from estimated
figures.
To a question whether the income from 3G spectrum auction
would lead to cut in the Centre's borrowings, he indicated
that borrowing plans would remain intact.
"Our borrowings stand at over Rs 4.5 lakh crore (this
fiscal)," he said. PTI DU
RBT


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