Petrol, diesel prices hiked again: Should govt subsidise fuel?

After two days of lull, petrol and diesel prices on Thursday were again hiked by 35 paise per litre, sending retail pump prices to their highest ever level across the country.

The price of petrol in Delhi rose to its highest-ever level of Rs 104.79 a litre and Rs 110.75 per litre in Mumbai, according to a price notification of state-owned fuel retailers.

So, will fuel prices surge further? How can govt contain fuel prices? Should govt subsidise fuel? Is a cut in taxes on fuel the only way out? Will rising fuel prices hit growth?