A Union ministerial meet has been scheduled for June 9th, reportedly to finalise the increase of diesel prices in the country.
The oil companies in India are currenly incurring a loss of Rs. 1. 37 trillion per annum, and the diesel price hike is being seen as a necessary step to minimize the losses of the businesses.
According to sources, the ministerial gathering may also decide to increase the costs of kerosene and cooking gas.
A hike of Rs. 4 in diesel prices and of Rs. 25 for cooking gas seems to be on the charts.
With petrol prices
hiked by a steep Rs. 5, an increase in the cost of diesel and cooking gas will prove to be a major blow to the average Indian.
However, economists opine that a hike in the prices of the fuels is unavoidable as, at current rates, the oil sector in the country is losing Rs. 2 trillion per fiscal year.