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Oil Firms For 71 Paise Hike In Petrol, Diesel Prices

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BUSINESS STANDARD
Last Updated : Jan 28 2013 | 1:08 AM IST

Though the domestic prices of petrol and diesel should be raised by Rs 2.25 and 72 paise a litre, respectively, to align them with the import parity prices, oil refining and marketing companies are reconciled to a much smaller hike. These companies are learnt to be pressing for at least 71 paise per litre increase in petrol and diesel prices. But the petroleum ministry wants a smaller increase.

Petrol and diesel prices are scheduled to be revised from the midnight of September 15-16. The oil companies had agreed to a smaller increase in prices in view of the petroleum ministry in talks with the finance ministry for a 2 per cent cut in excise duties on petrol and diesel.

Union petroleum minister Ram Naik is building up a case that the duty cut will be revenue-neutral because the loss of revenue will be offset by the rise in prices.


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First Published: Sep 14 2002 | 12:00 AM IST

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