Parikh panel for steep increase in petro prices

A government-appointed expert panel has recommended to "immediately" hike prices of diesel by Rs 5 a litre, kerosene by Rs 4 per litre and cooking gas by Rs 250 per cylinder, reduce annual entitlement of subsidized cooking gas cylinder from six from nine and phase out diesel subsidy in one year. The recommendations are unlikely to be implemented "immediately" because the government fear popular backlash in assembly elections of five states and the general election next year, government officials said requesting anonymity.

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