Industry & Economy
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Petroleum
No decision yet on petro-product prices revision: Aiyar
Our Bureau
New Delhi
,
Aug. 1
THE Minister for Petroleum and Natural Gas, Mr Mani Shankar Aiyar, on Monday said that while there has been no decision on the revision of petroleum product prices, the Government was aware of some of the oil public sector undertakings suffering losses in the first quarter of the current fiscal.
``The Government is aware of the situation. But there has been no decision as of now on price revision,'' Mr Aiyar told presspersons here.
The losses suffered by some of the oil firms were anticipated under the current scenario, with the companies cushioning the impact of high international prices.
Indian Oil Corporation and Bharat Petroleum Corporation suffered their first ever losses due to Government's stand of not allowing an increase in domestic petroleum product prices, while the international prices have been soaring.
Mr Aiyar indicated that the concerned authorities, the Prime Minister's Office and the Finance Ministry, were constantly informed of the developments.
On the issue of revision of the oil prices in wake of these losses, he said, the question of pricing was a politico-economic question that involves the whole Cabinet.
According to industry, petrol continues to be under-priced by Rs 2.25 a litre while diesel is being sold at a loss of Rs 4.69 a litre. The companies are also losing Rs 92 on every LPG cylinder and Rs 11 a litre on kerosene.
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