State-run oil firms have increased petrol prices by Rs 5 per litre from May 15. Finance minister Pranab Mukherjee has said that next weeks EGoM meet would discuss issues relating to hike of diesel, LPG and kerosene prices.
Last June, the government allowed state-run oil firms to fix the price of petrol but continued to control the prices of diesel, kerosene and cooking gas to protect the poor and try to tame inflation. Sandeep Bhatia of Kotak Institutional Equities tells CNBC-TV18 that the price increase is a welcome move.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
