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The Cabinet Committee on Political Affairs (CCPA) on Wednesday, June 4, 2008 has approved the unavoidable fuel price hike. Petrol will now be available with an added Rs 5, diesel by added Rs 3and LPG will cost Rs 50 more. The Cabinet has, however, decided not to increase the price of the poor man’s fuel, kerosene. The revised rates will be effective from midnight.
The announcement was made by Union Petroleum Minister Murli Deora on Wednesday morning. The vital meeting was chaired by Prime Minister Manmohan Singh and attended by Finance Minister P Chidambaram, External Affairs Minister Pranab Mukherjee, Defence Minister AK Antony and Railway Minister Lalu Prasad Yadav among others.
The price hike was inevitable and was deemed necessary to bail out state-owned oil marketing companies that are suffering from massive financial losses owing to skyrocketing international crude oil prices. Prime Minister Manmohan Singh will address the nation at 8.30 pm today to explain the fuel price hike.
The price hike was inevitable and was deemed necessary to bail out state-owned oil marketing companies that are suffering from massive financial losses owing to skyrocketing international crude oil prices. Prime Minister Manmohan Singh will address the nation at 8.30 pm today to explain the fuel price hike.
