The empowered group of ministers led by finance Minister Pranab Mukherjee will meet today to decide on an increase in petrol and diesel prices. The ministers group would assemble to mull over a Kirit Parikh Committee report, which demands freeing of petrol and diesel costs from government control.
Stating that selling fuel at rates below their imported cost is unsustainable, an official from the oil ministry stated, “If prices are not hiked, the government will have to find ways to make up for the Rs 72,300 crore deficit arising from selling petrol, diesel, domestic LPG and kerosene below their imported cost.”
If prices get decontrolled, the petrol prices would surge by Rs 3.35 per litre and diesel by Rs 3.49 per litre.
A verdict on the matter of decontrolling diesel costs would be taken after discussion with Railway minister Mamata Banerjee.
The price of domestic LPG cylinders may also surge by Rs 50.
But, the increase may be moderate if UPA allies like Banerjee insist.
A small increase in the price of kerosene, which is used by most of people living in rustic regions for lighting and cooking purposes, may also be proposed at today’s meeting.
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