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India On Media |
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| Budget
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| Petrol prices slashed by Rs 5, dies |
| Petrol prices slashed by Rs 5, diesel by Rs 2
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| INDIA
, 5-December-2008
6:45:16 AM |
| In order to usher a feel-good factor dovetailed with the fiscal impetus package to be announced on Saturday, the UPA Government has decided to cut the price of petrol by Rs 5 per litre and diesel by Rs 2 per litre from Saturday, leaving cooking gas LPG unchanged.
"The cuts were decided in principle today after consulting Prime Minister Manmohan Singh and Congress chairperson Sonia Gandhi. It has the approval of former Finance Minister P Chidambaram whom Petroleum Minister Murli Deora met Wednesday night," said our sources.
The respite would put extra money into people's pockets so that the net income effect could spur demand in a slowing economy. It would also reduce the inflationary pressure on the wholesale price index where Fuel, Power, Light & Lubricants Group has a weight of 14.23 percent.
Since September, crude Oil prices have started sliding and are now at 2005 levels of $44 but the government could not revise prices downwards as the Model Code of Conduct for elections bars it from making any announcement that could be seen as appeasing voters
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