Govt brings out advt to explain fuel price hike
India imports 74 percent of crude oil at international rates and in the wake of increasing crude oil prices and fall in rupee the government had to increase the domestic prices.
New Delhi: Even as the government faces the ire of common man and various political parties over increase in diesel prices and capping domestic, the Ministry of Petroleum and Natural Gas on Monday explained the reasons that forced the government to go ahead with the unpopular moved.
The government detailed the reasons in front page advertorials in leading newspapers.
The projected massive under-recoveries for the financial year 2012-13 stands at Rs 1,87,127 crore in the wake of high international crude oil prices and sharp depreciation of Indian Rupee against US Dollar.