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Union Cabinet defers fuel price hike

Tara Shankar Sahay in New Delhi

The much awaited hike in prices of petroleum products, which the Union Cabinet was expected to announce on Saturday morning, did not happen.

The cabinet, which was briefed by Petroleum Minister Ram Naik on the issue, did not feel a hike was necessary as yet.

Briefing the media after the meeting, Parliamentary Affairs Minister Pramod Mahajan said the petroleum minister briefed the cabinet on the oil reserve situation in the country and pointed out the oil pool deficit was in the region of Rs 24,000 crore.

"As far as rules are concerned, Mr Naik is competent enough to take the appropriate decision at any point of time, when he feels like it," Mahajan told the media.

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