Soon after the Monsoon sessions of the Parliament conclude, it is very likely that the prices for the fuel like Petrol, Diesel, domestic cooking gas LPG, and Kerosene would be hiked.
The authorities said that the hike in prices of the fuel was “imminent” as the Finance Ministry no longer can shell out money for providing subsidy on the fuel prices.
"This (hike) is imminent. There is no question of holding back now," a top oil ministry official said on Tuesday.
The decision would likely be taken on Friday.
It is noted that diesel, domestic LPG and PDS kerosene rates have not been changed since June 2011 even after the price for production had gone up by 28 per cent. With the current prices government is losing Rs 560 crore every day on diesel and cooking fuel sales.
(AW- Anil)
