4 years ago

Hike in petrol, diesel prices likely - NewsX

NewsX
NewsX
An increase in petrol, diesel, domestic cooking gas and kerosene prices looks "imminent" after the finance ministry said it had no money to provide for fuel subsidy. "This (hike) is imminent. There is no question of holding it back now," a top oil ministry official said on Tuesday. In all possibility, fuel prices may be increased after the current monsoon session of Parliament ends on Friday. Diesel, domestic Liquefied Petroleum Gas and PDS kerosene rates have not been changed since June 2011, even though the cost of production has soared 28 per cent. State-owned fuel retailers are losing Rs 560 crore a day on the sale of diesel and cooking fuel, and are forced to resort to short-term borrowings to meet funds needed for importing crude oil (raw material).

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