'LPG, Diesel prices SHOULD be hiked'

June 03, 2012 15:10

Widespread opposition notwithstanding, Prime Minister's Economic Advisory CouncilChairman C Rangarajan has strongly favoured an immediate increase in prices of diesel and cooking gas to contain government expenditure.

"It (increase in prices of diesel and LPG) should be done, as early as possible. We need to take action, howsoever unpleasant it may be," he said in an interview.

Hiking the prices of diesel and cooking gas, Rangarajan said, was necessary to cap subsidies and contain fiscal deficit at 5.1 per cent of the GDP during 2012-13. The fiscal deficit was 5.76 per cent in 2011-12.

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