The Cabinet Committee of Political Affairs meet on Thursday is seeking to raise approval over the Oil and Petroleum Ministry’s proposals to increase diesel, cooking gas and kerosene prices.
If Prime Minister Manmohan Singh will take a call on raising diesel and LPG prices at the cabinet meet, the new revised rates of fuels prices hike will likely to be effect from midnight today.
Aiming to raise the cap of subsidized LPG cylinders with revised Rs 160,000 crore deficits, the government has to follow this fuel hike move, seeking to economy growth by bringing local fuel prices in line with global prices.
If the proposal will approve, then cap on LPG cylinders is likely increase to households to nine a year from the current cap of six.
It is expected that the price hike of diesel is Rs 4.50 per litre and that of Rs 100 per cylinder for LPG prices.
