India Said to Plan Increasing Fuel Prices to Cut Subsidies
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India may raise fuel prices when a ministers’ panel meets today, seeking to trim fuel subsidies that are threatening to exceed the government’s forecast of $5.3 billion this year, an oil ministry official said.
The Ministry of Petroleum and Natural Gas has recommended higher diesel prices, and lower taxes on crude oil and fuels, the oil ministry official said yesterday, declining to be identified before a public announcement. The panel led by Finance Minister Pranab Mukherjee will meet at 7 p.m. in New Delhi, oil minister S. Jaipal Reddy told reporters today.