India lifts fuel prices to honor G20 commitment

21:02, June 25, 2010      

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The Indian government announced to hike fuel prices Friday just one day ahead of the G20 meeting to honor its commitment to removing subsidies on fuel consumption.

One empowered group of ministers, headed by Finance Minister Pranab Mukherjee, made the move to form a market-determined pricing system on fuels with the aim of spurring energy conservation, improving efficiency and cutting fiscal deficit partly due to heavy subsidies.

S. Sundareshan, secretary of the Indian Ministry of Oil and Natural Gas, said, the prices of petrol will be market determined both at the refinery gate and at the retail level.

The Indian government has submitted its plan to phase out subsidies on fossil fuel last year at the G20 meeting in Pittsburgh as part of global effort to encourage energy conservation and tackle climate change.

It's reported that the government will hike petrol prices by 3. 73 rupees per liter, diesel prices by 2 rupees per liter, kerosene prices by 3 rupees per liter and LGP prices 35 rupees per cylinder.

India has delayed the proposed hike of fuel prices so far this year for several times due to concerns on higher inflation and the attack of opposition parties.

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