New Delhi: Prices of fuel, diesel and LPG were cut on Wednesday night. The reduced prices will be effective from midnight. The cut takes place for the second time in two months.
Petrol prices were slashed by Rs 5 per litre, diesel by Rs 2 per liter and LPG by Rs 25 per cylinder.
Earlier, Deora had met Pranab Mukherjee, who has been given the finance portfolio, which is handled by Prime Minister Manmohan Singh, currently recuperating after a heart surgery.
Deora told reporters after meeting Pranab Mukherjee that a Cabinet meeting will take place on Wednesday evening. "If any decision is taken at the meeting, we will let you know," he had said.
The Government had been considering a Rs 4 cut in petrol and a Re 1 cut in diesel prices. In December, petrol prices had been cut by Rs 5 and diesel by Rs 2.
Petroleum Minister Murli Deora had said the Cabinet would disclose their decision on fuel prices in the evening.
It is believed retail prices may be reduced by margins similar to that made in December.
Global fuel prices reached $147 per barrel in mid-2008 before tumbling to as low as $33.
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