Over a month after petrol prices were hiked, the government on Friday (24-June-2011) raised the price of diesel by Rs 3 per litre, cooking gas by Rs 50 per cylinder and kerosene by Rs 2 per litre. The raise is nearly 8 percent.
The Empowered Group of Ministers (EGoM), headed by Finance Minister Pranab Mukherjee, met today and took the much-deferred politically sensitive decision, which Oil Minister S Jaipal Reddy said was done to cut down on burgeoning under-recovery of oil marketing companies.
The current hike comes just a day after the government announced that India's food inflation had soared to a nearly 10-week high of 9.13% for the week ended June 11.
The price hike is excluding value added tax (VAT).
The current hike comes just a day after the government announced that India's food inflation had soared to a nearly 10-week high of 9.13% for the week ended June 11.
The price hike is excluding value added tax (VAT).
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