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Diesel price hiked after polling ends

New Delhi: After a brief hiatus, diesel prices were today hiked by Rs 1.09 a litre, excluding state levies.The monthly increases in diesel rates, which had been put on hold just before India began voting

PTI PTI Updated on: May 12, 2014 21:44 IST

They again did not raise rates on May 1 even though the losses had climbed to Rs 6.80 per litre.

The Oil Ministry had at the time of shelving the April hike stated that an expert committee headed by Kirit Parikh recommended that government provide a fixed subsidy of Rs 6 per litre on diesel and so there was no need to raise rates if the revenue losses were below this threshold.

While the government is yet to accept the Parikh panel recommendations, the Oil Ministry, wary of the political fallout due to the unpopular move to raise prices, approached the poll watchdog towards March-end seeking its nod to keep monthly raises in abeyance.

The Election Commission did not respond to the Ministry's request for over a month, a development that was cited to yet again for not raising fuel rates on May 1 even though losses had surpassed the Rs 6 a litre threshold.

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