Financial Daily from THE HINDU group of publications
Thursday, Jun 01, 2006
Financial Daily from THE HINDU group of publications Thursday, Jun 01, 2006 |
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Industry & Economy
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Petroleum Decision on fuel price hike next week: Deora Our Bureau
New Delhi , May 31 A decision on revision in petrol and diesel prices seems likely early next week. The Petroleum Minister, Mr Murli Deora, and the Finance Minister, Mr P. Chidambaram, today met the Prime Minister, Dr Manmohan Singh, to discuss the issue of petroleum product pricing. Soon after the meeting, Mr Deora told newspersons that the issue would be taken up in the next Cabinet meeting slotted for Monday or Tuesday next week. He added that the Government is trying to work out a mechanism that would protect the interests of the consumer. The Petroleum Ministry has given a few options to work out a pricing mechanism for petroleum products that would help the leading oil marketing companies. Indications are that the Ministry has suggested an appropriate price increase coupled with excise duty cut on petrol and diesel. It has also suggested enhancing Budgetary support for LPG and kerosene. The Ministry has further sought issuance of oil bonds and cross-subsidy by upstream oil companies. Without any measures, the projected under-realisation by oil marketing companies IOC, BPCL, HPCL, and IBP, for 2006-07 is estimated at Rs 73,500 crore. Indications are that the prices of petrol and diesel may increase by Rs 2-3 a litre, while kerosene and cooking gas could be spared.
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