Industry & Economy
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Petroleum
Deora hopeful of decision on fuel prices today
Our Bureau
New Delhi, Jan. 16 The Petroleum Minister, Mr Murli Deora, hoped that the Group of Ministers (GoM) on fuel pricing, scheduled to meet on Thursday, will take a decision at its meeting. “The GoM is meeting tomorrow and I hope a decision is taken,” he said.
The Minister, however, declined to speculate on the quantum of hike that may be suggested. The GoM, headed by External Affairs Minister, Mr Pranab Mukherjee, will the discuss various options available to curb the impact of volatile crude prices on state-owned oil marketing companies. The GoM will make its recommendations to the Cabinet.
Indications are that while petrol prices could be increased between Rs 2-4 a litre, diesel prices may see an increase of Rs 1-2 per litre. The GoM might also suggest reducing customs duty on crude oil and excise duties on petroleum products.
With the crude oil prices flirting with the $100 a barrel mark, the oil marketing companies have been incurring under-recoveries on sale of petrol, diesel, LPG and kerosene, below the cost price. The Indian crude basket on Tuesday stood at $89.43 a barrel. State-owned oil marketing companies are projected to lose Rs 71,808 crore on fuel sale in 2007-08.
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