Following are the highlights of the decisions on petroleum sector taken in the capital on Wednesday at a meeting of India's Cabinet Committee on Political Affairs, presided over by Prime Minister Manmohan Singh.

* Petrol prices to be hiked by Rs 5 per litre

* Diesel to be hiked by Rs 3 per litre

* No hike in kerosene prices

* Cooking gas to be dearer by Rs 50 per cylinder

* Hikes to take effect from 12 am Thursday

* Petrol to cost Rs 50.52 per litre in Delhi

* Petrol to cost Rs 55.51 per litre in Mumbai

* Diesel to cost Rs 34.76 per litre in Delhi

* Diesel to cost Rs 39.08 per litre in Mumbai

* Import duty on crude oil reduced to nil from 5 percent

* Import duty on diesel and petrol cut to 2.5 percent from 7.5 percent

* Excise duty on petrol and diesel cut by Rs.1

* Excise, tariff cuts to cost exchequer Rs 226 billion this fiscal

* Oil retailers to earn Rs 211 billion more this fiscal due to hike

* Government to issue oil bonds worth Rs 946 billion to help oil firms