| Deora rules out fuel price hike, seeks oil bonds |
| BS Reporter / New Delhi July 3, 2007 |
| Petroleum Minister Murli Deora has ruled out any immediate hike in petrol and diesel prices, even as the price of the basket of crude oil that Indian refiners buy is just 1 cent shy of its highest this financial year. The Indian crude oil basket rose to $69.62 per barrel as on July 2. On June 19, the basket had touched $69.63 per barrel. "Nobody has discussed a hike in auto fuel prices. Just now, there is no chance of any hike," Deora told reporters. Push for the hike is coming from the state-run oil marketing companies who are currently incurring a "loss" of over Rs 6 per litre of petrol and Rs 4 per litre of diesel as they are forced to sell below what is called the desired selling price. The revenue loss by the three oil marketing companies |
