The Hindu : Front Page : Government decision on oil prices today

Online edition of India's National Newspaper
Friday, Oct 15, 2004

Front Page

Front Page

Government decision on oil prices today

By Our Special Correspondent

NEW DELHI, OCT.14. The Government will take a decision on revising petrol and diesel prices tomorrow, even as it maintained its commitment to protect the interests of all the stakeholders affected by the record highs of global crude prices.

Oil companies are seeking a hike of Rs. 1.65 a litre for diesel and 65 paise for petrol in the wake of world prices having touched $54 per barrel.

Speaking after an hour-long meeting with the Prime Minister, Manmohan Singh, the Petroleum Minister, Mani Shankar Aiyar, reminded reporters that the prices had not been raised for the last two months, despite the unrelenting hardening in international oil markets. Asked when a decision would be taken on the price revision, he said "we have time till tomorrow".

`Various dimensions'

He said that he discussed "various dimensions" of the petroleum products price issues with the Prime Minister. ``Besides, the oil marketing companies will inform as usual about any price revision by tomorrow evening when the fortnightly review of prices takes place,'' he said.

Mr. Aiyar stressed that the interests of all stakeholders would be kept in mind while taking a decision.

These include the oil companies which are facing under-recoveries due to selling at below the international prices as well as the government exchequer and the consumers.

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