Diesel and Petrol Price hikes

Kirit Parikh Committee immediately four to five per liter diesel price hike is recommended . Controlled by the government for petroleum products is suggested to continue the existing value system . To determine the cost of diesel and cooking gas constituted the committee on Wednesday will be presenting its report to the government .

Sources say the group privileges diesel, kerosene and cooking gas price for the current system to continue. Diesel sales at less than cost price to reduce the burden on oil companies are likely to increase given time . At the same time, the subsidy is being provided , to finish it off every month to increase the price per liter .

Due to the huge import bill of petroleum products to handle the economy getting out of hand the government wants to reduce subsidy burden as soon as possible . Last fiscal year, the Finance Ministry is keeping the pressure on refineries to the same price they have to pay to import .

The Ministry argues that the import price based Fomrula ( import price , taxes and transportation ) to be taken from last year's subsidy bill of Rs 161 029 17 618 million could be saved .
Ministry Committee rejected this argument , stating that prices of kerosene and LPG gradually increase is suggested . This price within two to three years will be according to market value .