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There were rumours about the price of petrol decreasing by a few paise, however that has not happened. Now the government has proposed to increase the price of diesel by Rs 5 with immediate effect. The recommendation for the diesel price hike is given by the Kirit Parikh Committee.
Currently diesel prices in Mumbai have been at Rs 65.84 per litre with the an increase of Rs 5, it will cross the Rs 70 mark. This will get the price close to petrol prices in Mumbai. The price hike in diesel rates is taking place every month by almost a Rupee.
The Kirit Parikh Committee was tasked to find ways and means to price diesel as well as fuel for cooking in a just manner. They had suggested a fix subsidy on diesel of Rs 6 per litre. This move was recommended during the deregulation of diesel, which will take a while.
The Committee has also suggested it decrease the quota of subsidised LPG cylinders from nine to six cylinders for a year. They also plan to increase the price of LPG cylinders by Rs 250 per cylinder. A Rs 4 increase in kerosene prices is also on their cards.
The hike in fuel price recommendation has been presented to Oil Minister Veerappa Moily, who will take action on it as soon as possible. We will have to wait and learn if the hike in fuel prices will take place or not.
With diesel and petrol prices coming close to each other, this could affect sales of diesel powered vehicles. Currently Indians prefer diesel powered vehicles due to the affordability of fuel prices. The trend could switch back to petrol powered vehicles if the fuel prices are almost the same.
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