The inevitable has happened. Government has decided to raise the prices of petrol and diesel as a part of the plan to move towards a market-determined fuel price regime.
The price of petrol has been increased by Rs 3.73 per liter while diesel prices have been hiked by Rs 2 per liter. Prices of LPG are also up by Rs 35 per cylinder.
The decision came after a ministerial meeting on freeing up fuel prices and cutting subsidies on diesel, kerosene and cooking gas to help arrest the fiscal deficit which is projected at 5.5 percent of the GDP in 2010-11.
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