The Cabinet Committee on Political Affairs (CCPA) will meet today to discuss hikes in diesel, LPG. Sources in the know say that the oil ministry is pressing for at least 4/L hike in diesel, and Rs 50/cylinder hike in LPG. Oil state-run Hindustan Petroleum , Bharat Petroleum and Indian Oil Corporation are losing around Rs 15/litre on sale of diesel and approximately, they incur losses of Rs 200 crore each day on sale of this fuel. Diesel price was last raised last year by Rs 3/litre on diesel and since then OMCs have been crying hoarse about the insufficient subsidy they get on various fuel products including petrol which was de-regulated in 2010 but its rates haven't moved in tandem with cost because of the government's aim to keep inflation in check. Even now, OMCs claim that they are losing around Rs 4 on sale of petrol.
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