At a time when oil prices are hovering around a 26-month high of $94.74 a barrel and the Empowered Group of Ministers (EGoM) is gearing up to review the price of diesel and liquefied petroleum gas (LPG), Finance Minister Pranab Mukherjee said today that the issue was being constantly monitored and there was no reason to press the panic button.
“Prices of petroleum products are constantly under review. However, no decision has been taken on increasing prices of LPG and diesel. A group of ministers is looking into it and everything will have to be factored in before any decision. The Cabinet will take decision at an appropriate time,” Mukherjee said, inaugurating the new hydrocracker unit and expansion of IOC’s Haldia Refinery on Saturday. “Let us not press the panic button. The situation is difficult and we will do what is needed,” he added.