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Govt allows oil firms to set prices "over a period of time"
January 17, 2013 / 8:32 AM / 5 years ago

Govt allows oil firms to set prices "over a period of time"

An employee fills an iconic yellow ambassador taxi with diesel at a fuel station in Kolkata June 24, 2011. REUTERS/Rupak De Chowdhuri/Files

NEW DELHI (Reuters) - India’s state-run oil marketing companies have been authorized to raise diesel prices in small increments “over a period of time”, Oil Secretary G. C. Chaturvedi said on Thursday, but did not give a time-frame or quantity for such price increases.

Earlier, the government permitted state-run oil marketing companies to set diesel prices, in a surprise move that could help the government reduce its budget-busting subsidy bill.

Reporting by Nidhi Verma; Writing by Rajesh Kumar Singh; Editing by Frank Jack Daniel

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