New Delhi: A steep hike in diesel price is likely after the end of the monsoon session of Parliament. Sources in the Ministry of Petroleum and Natural Gas said that there is a need to hike the diesel price by at least Rs 5 per litre. The ministry feels that a Rs 3 per litre diesel price hike is meaningless when under-recoveries are over Rs 10 per litre.
According to sources, the Ministry of Petroleum and Natural Gas is planning to approach the Union Cabinet with various permutations and combinations on price hike. The Finance Ministry is reported to be keen on one time diesel price hike to contain the current account deficit.
However, no decision has been taken as yet on the oil marketing companies recommendations to hike diesel price by more than 40-50 paise per month.
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