No decision taken on fuel prices at EGoM meet - Moneycontrol.com

The Empowered Group of Ministers, headed by Finance Minister Pranab Mukherjee has failed to reach a decision on fuel prices today as all members were not present today. Sharad Pawar , Kamal Nath , and Mamata Banerjee did not attend today's meet.

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EGoM said it needs to discuss the fuel price issue further. "The possible inflationary effect of fuel price hike was discussed." The revenue loss to the government stands at Rs 3.45 lakh crore in FY04-10, it stated. Economist Kirit Parikh, who headed the Kirit Parikh Committee on deregulation of fuel prices, expressed his disappointment that the EGoM did not take a decision. The Kirit Parikh Committee had recommended freeing up petrol and diesel prices. It had suggested hiking kerosene and LPG prices by Rs 6 per litre and Rs 100 per cylinder.

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