The country’s cabinet committee on political affairs (CCPA) will suggest a price hike as the Indian government appears to favor allowing oil marketing companies to increase retail price of fuels, the report said.
According to the senior petroleum ministry official, diesel and petrol prices may be hiked by INR1 and INR2, respectively.
The official said that the petroleum ministry’s proposal to reduce fuel duties to alleviate the financial pressure on oil marketing firms was received negatively by other ministries and such a duty-reduction is unlikely, reported Petrol World.
