A meeting of a ministerial panel headed by Finance Minister Pranab Mukherjee, to consider raising diesel price by at least Rs 2 a litre, was deferred twice last month and no new date has been notified yet.
State-owned Indian Oil Corporation (IOC) - a Fortune 500 company - dominates the Indian market with a 49.6 per cent market share.
For the second time in as many months, the Government on Wednesday night cut petrol price by Rs 5 a litre and diesel by Rs 2 per litre, while the domestic LPG rate was also slashed by as much as Rs 25 per cylinder.
The Cabinet, scheduled to meet on Thursday, may reduce petrol price by Rs 5 a litre, diesel by Rs 3 per litre and domestic LPG by Rs 25 per cylinder, giving relief to the common man and further easing inflationary pressures.
The international crude oil price of Indian Basket was $60.10 (Rs 3,765.27) per barrel on December 15, down from $60.58 (3,782.62) per bbl on December 12.
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As crude oil prices hover around four-year lows, the government may look at slashing diesel prices further that will help cool inflation by lowering goods transportation charges.
The new diesel engine powered Nissan Micra will get the same motor that powers Mahindra Logan. The 1.5-litre DCI motor is capable of generating top power of 63bhp and 16.3kgm of max torque. The trims for the diesel version of the Micra will be XV and XV Premium.
The government wants to bring down the subsidies on kerosene, LPG and diesel in a way that does not impact the people in a major manner and takes away subsidies from people who do not deserve them.
Petroleum and oil marketing companies raised the price of commercial liquid petroleum gas (LPG) cylinders by Rs 350.50 per unit and domestic LPG cylinders by Rs 50 per unit with immediate effect from Wednesday.
The cut reflects changes in global prices of the two fuels since the last revision.
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