Government to decide on diesel, LPG price hike Friday

May 24th, 2012 - 4:23 pm ICT by IANS  

Pranab Mukherjee New Delhi, May 24 (IANS) An Empowered Group of Ministers (EGoM) headed by Finance Minister Pranab Mukherjee will meet Friday to take a decision on raising prices of diesel and liquefied petroleum gas (LPG), a finance ministry official said Thursday.

The meeting follows the sharpest ever single-shot hike in petrol prices Wednesday.

“EGoM meeting is scheduled Friday afternoon to discuss diesel, LPG prices,” said a finance ministry official who declined to be named.

State-run oil marketing firms Wednesday announced the biggest ever hike of about Rs.7.50 per litre in the petrol prices.

Oil marketing companies say they are losing on an average over Rs.500 crore per day on sale of diesel, kerosene and domestic liquified petroleum gas (LPG).

The government provides subsidies of Rs.31 per litre on kerosene, Rs.13.64 per litre on diesel and Rs.479 for each 14.6 kg cylinder of LPG.

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