The Hindu : National : Oil price hike issue before Government, says Aiyar

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Wednesday, Mar 23, 2005

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National

Oil price hike issue before Government, says Aiyar

By Our Special Correspondent

NEW DELHI, MARCH 22. All issues relating to increase of prices of petrol and diesel were before the Government and it would take a decision, the Petroleum Minister, Mani Shankar Aiyar, told the Rajya Sabha today.

Replying to supplementaries during question hour, Mr. Aiyar said that as international crude prices were up, it was necessary to consider the issue. "All issues are before the Government; let us see what we can do," he said referring to the demand for price hike by the oil companies.

Mr. Aiyar said that since November last prices of petrol and diesel had not been raised.

Even the price of LPG had not been increased since August 2004 and that of kerosene since 2002. The year 2004-05 witnessed the highest rise in oil prices in international markets. Compared to the average Indian basket crude price of $27.98 a barrel in 2003-04, the average price during 2004-05 (April-January) had been $37.87. In the first fortnight of March, it was as high as $48.98 a barrel. The total under-recoveries to oil companies due to non-revision of prices of petrol and diesel from April 2004 to March 15, 2005 was estimated at Rs. 1,526 crores.

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