NEW DELHI: As losses mount with each passing day, Oil Marketing Companies (OMCs) are putting pressure on the Petroleum and Natural Gas Ministry to hike the retail selling prices of petrol and diesel in view of the rise in international crude prices that have touched the $ 65 mark.

The United Progressive Alliance Government had reduced the prices of petrol and diesel by Rs. 2 each on February 15. A similar reduction took place in November 2006 in the retail sale price of diesel and petrol in view of the falling international prices. The last revision took place after a lot of lobbying by Petroleum and Natural Gas Minister Murli Deora, who has been pressing for revision of excise duty structure on petrol and diesel to provide relief to the common man, especially farmers.

International crude prices have risen from $ 40 per barrel to around $ 65 per barrel lately. This has resulted in OMCs incurring massive losses in their daily sales. ``We are losing something like Rs. 5.25 per litre on petrol, Rs. 4.40 per litre on diesel, Rs. 165 per cylinder on LPG and Rs. 15 per litre on kerosene. The daily losses range between Rs. 80 crore to 90 crore and they are mounting with each day. The Government has to take a decision in the interest of the oil industry,'' a senior Indian Oil Corporation official remarked.

However, Mr. Deora has been resisting any move to hike retail fuel prices.

``The Central Government is trying its best not to increase the prices of petroleum products like petrol and diesel even though the international oil prices have registered an upward trend in the past few months,'' he said.

``The UPA remains committed not to increase the prices of LPG and kerosene. When I took over as the Petroleum Minister, Congress president Sonia Gandhi had instructed me that prices of kerosene and LPG should not be hiked, as they are the poor man's fuel.

Nowhere in the world will you get kerosene for as low as Rs. 9 per litre. We are honouring the commitment made by Ms. Gandhi to protect the interests of the common man,'' he added.

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