Centre is preparing for partial decontrol of diesel prices after the Presidential poll on July 19. Prime Minister Manmohan Singh, also handling the finance portfolio, is considering a slew of measures to trim the huge fiscal and current account deficits.

According to a Business Standard report, officials were of the opinion that fuel price reforms were inevitable and a decision could be taken any time after the election of the new President.

The government was weighing various options, including fixing subsidies on a per-litre basis, an increase in diesel prices by a few rupees, freeing prices of the commodity completely or giving targeted subsidies.

According to the report, it was expected to go ahead with partial decontrol of fuel prices at the moment, whereby the subsidy would be fixed per litre.