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NEW DELHI: The government on Thursday approved a steep hike on diesel price in a politically risky move to rein in the fiscal deficit. The cabinet committee on political affairs approved the hike in a meeting at the Prime Minister's residence.
The price of diesel is hiked by Rs 5. However, the price of PDS kerosene and petrol were left unchanged. The panel also restricted the number of subsidized LPG cylinders a family can have. Under the new proposal, the number of cylinders is restricted to 6 cylinders per family per year.
State-run oil marketing companies are losing Rs 550 crore everyday on under-recoveries as a result of higher crude prices in the global markets. They make a loss of Rs 19 per litre on diesel sales, Rs 32.7 per litre on kerosene sales, and Rs 347 per cylinder on cooking gas sales every day.
NOW I HATE THIS CONGRESS GOVT MORE THAN ANYTHING![Frown :frown: :frown:](/styles/default/xenforo/smilies/frown.gif)
![Sick :sick: :sick:](/styles/default/xenforo/smilies/sick.gif)
![Angry :angry: :angry:](/styles/default/xenforo/smilies/angry.gif)
The increase in diesel price will have a cascading effect on inflation..damn Our greastest economist ever PM.
The price of diesel is hiked by Rs 5. However, the price of PDS kerosene and petrol were left unchanged. The panel also restricted the number of subsidized LPG cylinders a family can have. Under the new proposal, the number of cylinders is restricted to 6 cylinders per family per year.
State-run oil marketing companies are losing Rs 550 crore everyday on under-recoveries as a result of higher crude prices in the global markets. They make a loss of Rs 19 per litre on diesel sales, Rs 32.7 per litre on kerosene sales, and Rs 347 per cylinder on cooking gas sales every day.
NOW I HATE THIS CONGRESS GOVT MORE THAN ANYTHING
![Frown :frown: :frown:](/styles/default/xenforo/smilies/frown.gif)
![Sick :sick: :sick:](/styles/default/xenforo/smilies/sick.gif)
![Angry :angry: :angry:](/styles/default/xenforo/smilies/angry.gif)
The increase in diesel price will have a cascading effect on inflation..damn Our greastest economist ever PM.