Fule price may go up after Gujarat pool

The Government is mulling a long overdue fuel price hike on December 14 along with an excise duty cut on auto fuels.

Crude has been hovering around the $90 per barrel mark in the international market, and Indian oil companies are incurring losses worth Rs 700 billion.

The Indian Government had been waiting for the completion of Gujarat Assembly elections to announce a hike in fuel prices if any.

Global crude oil prices have nearly doubled in the last one year, but the Government has not raised domestic fuel prices on a direction from UPA Chairperson Sonia Gandhi, Petroleum Minister Murli Deora had said in Lok Sabha last month.

"I have no hesitation in saying that the UPA Chairperson had directed us to see that petroleum product prices do not increase and we are trying to do that," Deora had said.

"There has been a marked increase in prices of crude oil to nearly $100 per barrel a day from $40-45 last year but Indian Government had not increased prices even by Re 1," he said.

Courtesy:ibnlivve.com
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