Govt to set up panel to look into fuel pricing

New Delhi: The government on Monday announced setting up of an expert group to look into the pricing of petrol and diesel, Finance Minister Pranab Mukherjee said.

"Domestic prices of petrol and diesel have to be brought in sync with global prices of these items. Government will set up an expert group to advise for a viable and sustainable system of pricing petroleum products," Mukherjee told lawmakers.

The announcement has come days after Asia's third-largest oil consumer raised petrol and diesel prices by as much as 10 per cent after recent rally in the global crude oil prices.

The details of the panel will be announced by oil ministry, he added.