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September 13, 2012

Diesel price hiked by Rs 5 per litre

     New Delhi: The Cabinet Committee on Political Affairs on Thursday evening approved a hike in the price of diesel by Rs 5 per litre. The raise will be effective from midnight. There has been no hike in petrol price and the price of PDS kerosene has also been left unchanged. The decision was taken at a meeting held at Prime Minister Dr. Manmohan Singh's official 7, Race Course Road residence here. Union Petroleum and Natural Gas Minister S. Jaipal Reddy had earlier on Tuesday said that the hike in fuel prices is unavoidable. "I would like to tell the people, in all humility, that increase is unavoidable. It will not give us pleasure. We will have to perform our unpleasant duty," he said. State-owned fuel retailers are losing Rs 560 crore per day on sale of diesel and cooking fuel, and are forced to resort to short-term borrowings to meet funds needed for importing crude oil (raw material).
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