Yesterday, the Prime Minister-appointed Kirit Parikh Committee has suggested complete deregulation of petrol and diesel prices.

In effect, that would reflect a Rs 4.72 paise hike in petrol, Rs 2.33 paise hike in diesel, and Rs 6 hike in kerosene and Rs 100 hike in liquefied petroleum gas (LPG).

However, the recommendations may not be approved by the government battling high inflation. In an interview with CNBC-TV18, Former Petroleum Minister Ram Naik and Manish Tiwari, Spokesperson, Congress extended their perspective on the issue.

Naik revealed, "Right in 2002, we decided to deregulate and moved a step forward by which petrol and diesel prices were linked to the international markets".

CNN-IBN reveals to have spoken to Secretary of the Ministry of Petroleum and Natural Gas S. Sundareshan, discussing the recommendations and the likely price hike.

The Government is expected to examine this report. The Minister of Petroleum and Natural Gas has reflected an assurance that this matter will be analyzed in the Ministry in a week's time. Revealing the planed procedure he added, this will be considered by the Cabinet and we will put it up before the Cabinet in a week's time and it will be considered by the Government at the highest level in about 15 days.