Three months after dismantling the administered pricing mechanism, the petroleum ministry continues to dictate the prices of petrol and diesel.
Although the oil companies were to revise the prices of the two fuels today with regard to the firming up of international crude prices, the petroleum ministry has asked them to keep the prices unchanged. Thus, the oil firms will have to sell petrol and diesel at prices below production costs till at least the next revision, which is due after a fortnight.
International crude prices are continuing above $24 a barrel. Industry sources said while the oil firms had approached the ministry to allow them to raise prices of diesel and petrol by at least 40 paise a litre, the ministry
