Deep oxidation of hydrocarbons over platinum catalysts underlies the majority of processes for purification of industrial waste gases. Since waste gases usually contain carbon monoxide, it is important to investigate its effect on the oxidation kinetics of hydrocarbons. This paper considers results of the study on the oxidation kinetics of propane over a glass fiber platinum catalyst in the presence or absence of CO in the reaction mixture. It was found that at low temperatures the presence of CO strongly hinders the oxidation of propane, whereas upon temperature elevation this detrimental effect is replaced by the beneficial effect of CO. As shown by numerical modeling, this bidirectional effect can be attributed to the competitive adsorption of oxygen, propane and CO on the catalyst active sites.