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Auto industry welcomes proposal to hike
diesel price
Friday December 28, 2012 07:55:03 PM,
IANS
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New Delhi: Society of
Indian Automobile Manufacturers (SIAM) Friday welcomed the central
government's proposal to hike diesel and kerosene prices.
"Though the proposed price hike of diesel is quite steep, SIAM
would support rationalising of the hike and insists that it has to
be done in a manner that should not adversely affect consumers,"
the automobile industry association said in a statement.
"It may affect the sales of vehicles for a short term but the
elimination of price distortion will help the industry and economy
in the long run," SIAM added.
Diesel prices may be hiked by Rs.10 per litre over a 10-month
period and kerosene rates by the same quantum over the next two
years, says a proposal of the petroleum ministry.
Kerosene rates have not been raised since June 2011. A litre of
the fuel currently costs Rs.14.79 in Delhi.
"The government is contemplating raising diesel prices by one
rupee per litre each month for next 10 months to bring retail
rates at par with their cost," an oil ministry source said
Thursday.
The government faces an unprecedented Rs.1,60,000 crore deficit
this fiscal on selling diesel, cooking gas and kerosene below
production costs.
Diesel, which currently costs Rs.47.15 per litre in Delhi, was
last revised Sep 14 with a hike of Rs.5.63.
State oil companies sell diesel at a loss of Rs.9.28 per litre and
the hike is expected to eliminate the losses.
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