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India still in a mode of self denial - Cabinet defers fuel price hike till September 7
It is insane! India still refuses to adequately increase fuel price to curb consumption and encourage conservation by the ine billion citizens of India.
According to media reports, the Cabinet will next week consider raising petrol and diesel prices by Rs 2-3 a litre and LPG by Rs 20 per cylinder.
A Cabinet meeting, chaired by Prime Minister Manmohan Singh on Friday deliberated on the urgency to raise fuel prices but put off a decision till the return of Petroleum Minister Mani Shankar Aiyar from his foreign tour.
"Early next week yet another meeting (of the Cabinet) is scheduled (to consider fuel price hike)," Aiyar said from Oslo. He did not elaborate.
Earlier, a Cabinet minister, who declined to be identified, said, "Cabinet recognised that there was no alternative but to raise fuel prices in view of the spiralling international oil prices. But the hike will not happen just now... Not until September 7."
Aiyar is to return on September 7 after his tour of Norway, Iceland and Bangladesh.
Prime Minister Manmohan Singh had at a late night meeting on Thursday reviewed the pressure that spiralling oil prices were putting on the economy and the public sector oil firms.
Sources said petrol was currently being under-priced by Rs 7.45 a litre and diesel by Rs 5.15 per litre. LPG was being sold at a loss of Rs 96 per cylinder and kerosene price was discounted by Rs 12.85 a litre to the cost.
The Petroleum Ministry proposed raising petrol and diesel prices by Rs 3 per litre each and LPG price by Rs 20 per cylinder, while also cutting excise duty on petrol and diesel by Re 1 per litre each.
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