Industry & Economy
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Petroleum
Petro prices: Deora to meet PM tomorrow
Our Bureau
New Delhi, Nov. 5
The next two days could be crucial for the consumers of petroleum products with the Government likely to take a decision on whether to raise petrol and diesel prices.
To curb the impact of the surge in global crude prices on the state-owned oil marketing companies (OMCs), the Government is considering various options including a marginal increase in diesel and petrol retail price and excise duty cut on petroleum products.
“We are trying our best to find a solution to the recent rise in crude prices,” Mr Murli Deora, Petroleum Minister, told newspersons.
“We want to protect, support and strengthen our public sector undertakings but also want that people should not be burdened,” he said.
Mr Deora, said “I am going to meet the Prime Minister, Dr Manmohan Singh, day after tomorrow (Wednesday). A final decision will be taken by the Prime Minister.”
Asked whether the Government could go for an increase in retail selling price of petrol and diesel, the Minister said that his Ministry is trying the best to keep the impact on consumer minimal.
He, however, declined to give any details on the package being worked out to protect the OMCs from under recoveries on sale of petroleum products below the cost price.
The Petroleum Minister, has already met the Finance Minister, Mr P. Chidambaram, to discuss options such as reducing excise duty on petroleum products.
The Indian crude basket on Friday closed at $87.52 a barrel. The OMCs have to sell four petroleum products - petrol, diesel, kerosene and cooking gas – at a controlled price.
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