Staring at Rs 26,000 cr revenue loss, Gujarat hikes fuel prices by Rs 2/ltr

Facing an estimated Rs 26,000 crore revenue loss in the current fiscal due to the Covid-led lockdown, the Gujarat government on Monday announced a Rs 2 per litre hike in petrol and diesel prices each. 

Announcing the hike, deputy chief minister and finance minister Nitin Patel said that the new rates will be made effective from midnight and was necessary to meet the earning gap the state exchequer had to bear due to lockdown.

"The expected revenue loss for the current fiscal is about Rs 24,500-26,000 crore due to Covid-19 pandemic. We had no option but to hike the prices to compensate this revenue loss," Patel told mediapersons on Monday.