The Prime Minister's Economic Advisory Council, PMEAC, has said a hike in diesel prices may be deferred till March when the inflation rate is likely to come to about 6 per cent. Talking to reporters in New Delhi on Monday, PMEAC Chairman C Rangarajan said, possibly, petroleum prices will be adjusted to the international crude price. Following the spike in food prices, the PMEAC has revised upwards its projections for overall inflation at the end of the 2010-11 financial year to 6 per cent, as against the earlier estimate of 5.5 per cent.
Finance Minister Pranab Mukherjee has said that the overall inflation could moderate to around 6.5 per cent by March-end, as against the 6 per cent projection in the Finance Ministry's Mid-Year Review. A meeting of a ministerial panel headed by Finance Minister Pranab Mukherjee, to consider raising diesel price by at least 2 rupees a litre, was deferred twice last month and no new date has been notified yet.
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