UPDATE 1-India should end fuel price control-ministry

India needs to end controls on prices of petrol and diesel to curb fuel demand, the finance ministry said in its annual economic survey on Thursday.

The announcement comes a day after Asia's third-largest oil consumer raised petrol prices by 10 percent and diesel by about 6.5 percent, but the increase was still smaller than needed for ending state controls. [ID:nSP514243]

The survey, presented to parliament ahead of an updated budget on Monday, listed energy policy issues that needed to be addressed.

These included: "Decontrol petrol and diesel prices. Develop a policy response system and financial buffer for use when diesel prices rise above the oil equivalent price of $80 a barrel."

But analysts said there were doubts the government would liberalise price policy. link....