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Decision on fuel price hike soon: Moily
Friday January 11, 2013 07:41:15 PM,
IANS
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New Delhi: Raising
diesel and cooking fuel prices and the cap on subsidised LPG
cylinders would be decided as soon as possible, Oil Minister M. Veerappa Moily said Friday.
"The decision (in this regard) will be taken as quickly as
possible," Moily told mediapersons here on being asked about an
impending fuel price increase.
"When a decision is taken, you will be the first to know," he
added.
Asked if the oil ministry had moved a cabinet note for raising
fuel prices, Moily referred to the Vijay Kelkar Committee report.
"Recommendations of the Kelkar Committee are under serious
consideration," he said.
The Kelkar panel has recommended an immediate hike in the price of
diesel by Rs.4 per litre, of kerosene by Rs.2 per litre and of LPG
by Rs.50 per cylinder. It has suggested that rates be raised
thereafter on a monthly basis till the revenue losses are
neutralised fully.
According to oil ministry sources, it has proposed to raise diesel
prices by Rs.3-4.50 per litre in one go or in monthly instalments
of Re.1 or Rs.1.50 per litre. On LPG, it has proposed quarterly
increases of Rs.50 per cylinder from April till the entire losses
are wiped out.
The ministry has also proposed raising kerosene price by 35 paise
a litre per month or Re.1 a litre per quarter till March 2015.
As per the ministry's estimates, raising the cap to nine
subsidised cylinders would lower savings to Rs.2,500 crore per
annum, compared to the savings of Rs.12,000 crore estimated when
six cylinders are issued at subsidised rates.
Diesel prices were hiked in September by a record Rs.5.63 per
litre. It currently sells at Rs.47.15 per litre in Delhi.
Kerosene prices were last revised in June 2011 and it currently
costs Rs.14.79 per litre in Delhi.
Subsidised LPG costs Rs.410.50 per 14.2-kg cylinder, while the
market price is Rs.895.50 per cylinder.
State oil marketing companies currently sell diesel at a loss of
Rs.10.16 per litre, kerosene at Rs.32.17 a litre and LPG at
Rs.490.50 per 14.2-kg cylinder.
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