Wednesday, 2 November 2011

Petrol Price hike : Center leaves the decision to Oil firms

Oil Minister S Jaipal Reddy on Wednesday called for a meeting of the Empowered Group of Ministers (EGoM) to decide on revising the prices of diesel and LPG. The Petroleum Ministry said it is up to the oil firms to decide on raising the rates of the deregulated commodity.

Chaturvedi said petrol is a deregulated commodity whose pricing is not decided by the government. "The oil companies are empowered to take a view on it," he said.

He had stated that crude oil is hovering at around USD 108 per barrel in international markets. At the current exchange rate, the petrol price of Rs 66.84 per litre in Delhi is equivalent to a crude oil price of about USD 102 per barrel.

The loss on petrol is currently Rs 1.50 per litre and after including local levies, the desired increase in retail prices is Rs 1.82 per litre.


Post a Comment

Twitter Delicious Facebook Digg Stumbleupon Favorites More