Petrol may get cheaper by Rs 5 a litre, diesel by Rs 2 a litre.
New Delhi: The Government may cut petrol, diesel and LPG prices on Thursday. It may also free fuel pricing from administrative control.
The Cabinet is meeting on Thursday and is likely to make petrol cheaper by Rs 5 a litre, diesel by Rs 2 a litre and LPG by Rs 25 per cylinder.
The government will raise additional revenues by increasing excise duty on petrol and diesel by a minimum of Re 1 per litre.
To make up for oil companies' losses on sale of LPG and kerosene on government-mandated prices, the Cabinet may issue an additional Rs 30,000-crore oil bonds this fiscal.
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