CCPA reaches final decision on fuel price hike, announcement at noon

New Delhi, Jun 4 (UNI) The Cabinet Committee on Political Affairs, which met here today, is understood to have taken a final decision on fuel price hike and the announcement will be made this afternoon.

The CCPA meeting is believed to have proposed a price hike in the range of Rs 3-5 on petrol and and Rs 2 on diesel.

An official briefing on the decision will be made at 1200 noon.

The Committee, which is a high powered body, also discussed a proposal on the LPG distribution that includes supply of eight cylinders in a year at the current price.

Prime Minister Manmohan Singh is likely to address the nation on fuel price hike later in the day.

State-run oil marketing companies like IOC, HPCL and BPCL are expected to lose Rs 2,46,000 crore by way of revenue on account of selling subsidised petrol, diesel, kerosene and LPG.

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