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India sets terms for diesel price hikes -source

Source : REUTERS
Last Updated: Sat, Jan 19, 2013 06:23 hrs

NEW DELHI, Jan 17 (Reuters) - India has told state fuel retailers to raise diesel prices by 0.40 rupees to 0.50 rupees ($0.01) a litre every month to gradually align them with market rates, a source privy to the development said on Friday.

The increase excludes value added tax and other taxes in various states.

India has also told fuel retailers to sell diesel, which accounts for 40 percent of fuel consumption in the country, at free market rates to bulk consumers such as industrial clients, the source, who requested anonymity, said.

India's government earlier on Thursday had given fuel retailers some leeway to raise prices of diesel, which is heavily subsidised by New Delhi.




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