Swami Bengaluru - Fuel price hike on the cards

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Fuel price hike on the cards

Written by amith
30 May 2008
A hike in auto fuel prices appears imminent as Prime Minister Manmohan Singh on Thursday reviewed the oil price scenario and discussed measures to provide relief to state-owned oil marketing firms hit by the unprecedented rise in global crude oil prices. It is learnt that the government is contemplating to effect Rs 4 to Rs 5 per litre hike in the price of petrol and Rs 2 to Rs 3 per litre in the price of diesel along with duty cut in petroleum products. It is estimated that state-owned oil marketing firms that are currently selling four major petroleum products — petrol, diesel, domestic LPG and kerosene— below cost prices — will incur under-recoveries amounting to nearly Rs 2,25,000 crore during 2008-09 with global crude oil price touching an all-time high of $ 135 per barrel.Meanwhile, the Petroleum Ministry has proposed to raise petrol price by Rs 10 a litre, diesel by Rs 5 a litre, and that of LPG by Rs 50 per cylinder. ! User reviews There are no user reviews for this item. To write a review please register or login.