Oil companies have been permitted to raise diesel prices by a small quantum periodically till such time that they are able to cover Rs9.60 per litre loss they incur on the fuel, oil minister Veerappa Moily said
New Delhi: The government of India on Thursday raised the cap on supply of subsidised liquefied petroleum gas (LPG) cylinders to nine bottles from six per year and allowed oil companies to hike diesel prices by a “small quantum” periodically, reports PTI.
There will be no change in LPG and kerosene rates, oil minister M Veerappa Moily told reporters here after the meeting on Cabinet Committee on Political Affairs (CCPA).
“I am happy to inform the Cabinet Committee on Political Affairs has decided to raise the cap on subsidised LPG to nine cylinders per household in a year from existing six cylinders,” he said.
Consumers will get a quota of five subsidised cylinders between September 2012 and March 2013 and from a April 2013, they will be entitled to nine cylinders per annum.
Moily said that the oil companies have been permitted to raise diesel prices by a small quantum periodically till such time that they are able to cover Rs9.60 per litre loss they incur on the fuel.
Refusing to provide details of diesel price increase, Moily said the raise may take place as early as Thursday night.
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