Top

India to decide on diesel deregulation after state polls

This is perhaps the first time that retail prices in India are higher than the global rate

New Delhi: India will decide on ending government control on diesel pricing after elections in two states – Maharashtra and Haryana, next month, an oil ministry source said, even though local prices of the fuel are currently higher than the global rates, making a case for a cut in retail prices.

This is perhaps the first time that retail prices in India are higher than the global rates due to a sustained monthly rise in local prices since January 2013.

"We tinker with diesel prices once a month...There is a case for a cut in diesel prices towards the end of the month but a decision is yet to be taken on that," the source with direct knowledge of the matter said.

"The diesel under-recovery has been wiped out and there is over-recovery of 0.35 rupees per litre with effect from Sep. 16," a government statement said on Tuesday.

( Source : reuters )
Next Story