No oil price hike, for now: Jaipal Reddy

Last Updated: Friday, September 07, 2012, 21:09

Tags: oil price, petrol prices, petrol price hike, Jaipal Reddy, petrol price India, Fuel price hike

Zeebiz Bureau

New Delhi: Union Petroleum Minister S Jaipal Reddy on Friday put rest to all speculation on an impending hike in prices of petroleum products like petrol, diesel and LPG.

“(There is) no immediate plans to hike oil prices now and cabinet will take final call on hiking fuel prices”, Reddy said on a day when it was widely speculated that the government will go for a steep hike in petrol price.

Reddy however admitted that the State-run oil marketing companies (OMC) are incurring unremitting losses Under-recoveries on account of higher crude prices in the global markets.

Oil firms are seeking Rs. 32,000 crore in compensation for the first quarter of the current fiscal year. The companies are not compensated for petrol sales since the government decontrolled petrol prices in June 2010.

The petroleum minister did agree that the situation is grave but the government is not in favour of a hike, at this moment.

First Published: Friday, September 07, 2012, 11:56

Comments

How come the price went up, then, after this article was written? It`s over $96 a barrel at 8 am EST-Richard Palmer -New York State

what the hell you are doingrising the price of all the commodity can`t you think of the common people ?? shame on you-vik -bangalore

Pathetic govt ,need change in central govt,there is no slogal left ``for the people,of the people,by the people`` for indians-syed wasi -mumbai

How can Jaipal Reddy decide on the increase in petrol prices it means the government has still control over the oil prices and companies can`t decide on their own dinesh gupta assistant professor 9915630025-dinesh gupta -jalandhar

To recover the loss of the oil companies, i) Reduce the subsidy given to polotician, MP,MLA and Babus under them ii) Reduce the Free quota alloted to them being ib this way they are eating public-SOUMEN GOSWAMI -MUMBAI

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