Steep hike in oil prices
In a surprise move, the Union government bypassed the Cabinet to raise the price of petrol by Rs 4 per litre and that of diesel by Rs 2 a litre with effect from Wednesday midnight. In the state, the hike was Rs 4.44 for petrol and Rs 2.17 for diesel.
The petroleum minister, Mr Murli Deora, told reporters that the hike was necessitated because of rising international crude oil prices which have doubled to $70 a barrel. Mr Deora only consulted party leadership and the Prime Minister, Dr Manmohan Singh, to decide on the hike. The decision was rushed through since the Parliament’s Budget session is to begin on Thursday and the government wanted to act before that. The weekly Cabinet meeting is scheduled for Thursday.
Mr Deora said the government will not raise the domestic LPG and kerosene prices though the public sector oil companies are losing Rs 92.96 per cylinder and Rs 15.26 per litre of kerosene respectively.
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The petroleum minister, Mr Murli Deora, told reporters that the hike was necessitated because of rising international crude oil prices which have doubled to $70 a barrel. Mr Deora only consulted party leadership and the Prime Minister, Dr Manmohan Singh, to decide on the hike. The decision was rushed through since the Parliament’s Budget session is to begin on Thursday and the government wanted to act before that. The weekly Cabinet meeting is scheduled for Thursday.
Mr Deora said the government will not raise the domestic LPG and kerosene prices though the public sector oil companies are losing Rs 92.96 per cylinder and Rs 15.26 per litre of kerosene respectively.
To read the full article, click here..
To read the ePaper, visit: http://www.dc-epaper.com/
Labels: barrel, budget session begin, cabinet meeting, cylinder, diesel, diesel price, hike, litre, LPG, oil companies, parliament budget, petrol, petrol price, revenue, speed, world prices
posted by PressMart Team at
10:17 AM
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