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India raises price of heavily subsidised diesel
September 13, 2012 / 2:46 PM / 5 years ago

India raises price of heavily subsidised diesel

NEW DELHI, Sept 13 (Reuters) - India raised the price of heavily subsidised diesel on Thursday, in a politically risky move to rein in the fiscal deficit and fight the threat of being the first in the BRICS group of emerging economies to be downgraded to junk.

A cabinet committee agreed to raise diesel prices by 12 percent, or 5 rupees per liter, and restricted sales of subsidised LPG cylinders to six per consumer annually, the government said in a statement. It left petrol and kerosene prices unchanged.

The measures are effective from Friday.

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