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Fuel prices may be based on market prices

 India's oil minister said a proposal to allow firms to set retail fuel prices based on market prices would be sent to the cabinet for approval within six weeks.

Murli Deora took charge for the second term as oil minister on Friday.

Currently, the government sets prices for retail fuel such as petrol and diesel below actual prices and partially subsidies state-run marketing firms for the difference.

Video: ANI