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Oil Minister Rules Out Immediate Hike In Fuel Prices
Posted on: 07/Sep/2012 6:10:17 PM
Oil Minister Jaipal Reddy today ruled out an immediate hike in fuel prices, saying there is no such plan. Mr Reddy spoke to the media at an Indian Oil event in New Delhi.
He said"It is my duty as a minister to bring out the facts in front of the Cabinet Committee of Political affairs…don’t know when the CCPA will take up the issue,”
There were reports on Thursday that oil companies were going to hike the price of petrol by as much as Rs. 5, and that prices of diesel and kerosene, which are regulated, will increase next week.
State-run oil marketing companies are losing Rs. 550 crore everyday on under-recoveries as a result of higher crude prices in the global markets.
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