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New Delhi, June 25 (IANS): The government on Friday decided to decontrol petrol prices and also hiked the rates for diesel, kerosene and cooking gas to ameliorate the loss of thousands of crores of rupees incurred by the oil marketing companies.
Petroleum Secretary S Sundareshan told reporters that the Empowered Group of Ministers headed by Finance Minister Pranab Mukherjee has decided that petrol prices will be "market determined". This means that the price is likely to be hiked by Rs 3.50 per litre. Similarly, the diesel price will be raised by Rs 2 per litre and that of kerosene by Rs per litre, while cooking gas will be costlier by Rs 35 per cylinder, he said.
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