NEW DELHI: Your motor fuel bill is poised to rise as the Cabinet Committee on Political Affairs (CCPA) approved fuel price hike on Wednesday.
The amount by which the fuel price will be hiked is yet to be announced. However, according to sources, petrol will get dearer by Rs 3 and diesel by Rs 2.
The crucial meeting of Cabinet Committee on Political Affairs discussed the need of raising fuel prices in view of spurt in global oil prices.
The meeting was chaired by Prime Minister Manmohan Singh and attended by External Affairs Minister Pranab Mukherjee, Defence Minister A K Antony, Finance Minister P Chidambaram, Petroleum Minister Murli Deora, Railway Minister Lalu Prasad and Road Transport Minister T R Baalu.
Petrol and diesel prices were last raised in February when the Indian basket of crude oil was at 67 dollars per barrel. On Wednesday, it is at 124 dollars per barrel.
The decision on measures to tackle the high international oil prices taken at this meeting could then be sent to the Cabinet Committee on Economic Affairs before being announced. Though CCPA can take a decision on increasing pump prices, any proposal that includes duty rejig will have to be cleared by CCEA.
On Monday, the PM had signalled that the government was running out of options on avoiding a rise in prices.
A day later, latest data culled for the consideration of the Cabinet panels raised the projected losses of the state-run oil marketing firms to Rs 246,000 crore in 2008-09 if they continued to sell at the artificially low prices set by the government.
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