Modi Vies With Widodo as India Set to End Diesel Subsidy
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Indian Prime Minister Narendra Modi is closer to scrapping controls on diesel prices that led to $66 billion of losses on sales of the fuel in the past decade.
The loss has fallen to 0.08 rupees (less than 1 U.S. cent) a liter from 13.4 rupees in September last year after Modi continued with gradual price increases that began in January 2013, Oil Ministry data show. The ministry will seek Cabinet approval to remove diesel controls once losses end, one of its officials with direct knowledge of the matter said last week, while requesting anonymity citing rules.