Diesel Price Increased by Rs 5 per litre; Subsidised Domestic LPG Cylinders restricted to 6 in a year

The Cabinet Committee on Political Affairs (CCPA) met on 13thSeptember, 2012 under the chairmanship of the Prime Minister to consider the disturbingsituation arising out of projected massive under-recoveries of Rs. 1,87,127 crore for the financial year 2012-13 in the wake of high international crude oil prices and sharp depreciation of Indian Rupee against US Dollar. The uncompensated under-recovery causes loss tothe Public Sector Oil Marketing Companies (OMCs). The CCPA took the following decisions to be implemented with effect from the midnight of 13/14 September 2012 :

EGoM to consider hike in prices of diesel, kerosene, LPG soon

Worried over the mounting under-recoveries of the oil marketing companies (OMCs), the Empowered Group of Ministers (EGoM), headed by Finance Minister Pranab Mukherjee, is likely to meet on June 9 to consider a hike in prices of diesel, kerosene and domestic LPG.