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Fuel price increase not now: Deora

THIRUVANANTHAPURAM: Union Minister for Petroleum and Natural Gas Murli Deora has said that a hike in the prices of petroleum products is not under the consideration of the Government.

Replying to a question at a press conference at Kovalam near here on Thursday, he said the international crude oil price was now hovering in the region of 75 to 80 dollars per barrel. The oil companies were presently absorbing the impact of these high prices and not passing them on to the consumers.

His Ministry’s view was that the Government should subsidise petroleum products to the consumers as in the case of food and fertilizers.

He said the Government would try to retain the prices of petroleum products at the present level, especially that of diesel since the farmer was one of its major consumers. Finance Minister P. Chidambaram has scheduled a meeting next week to consider the Petroleum and Natural Gas Ministry’s proposal to help oil companies tackle their difficulties.

Mr. Deora said his Ministry would also place before the Union Cabinet a proposal to float oil bonds worth Rs.25,000 crore this year. Inaugurating a ‘Refinery Technology Meet,’ on the sidelines of which the press conference was convened, he said the country now had an oil refining capacity of 149 million tonnes per annum. This was much higher than the present consumption of 120 million tonnes.

The capacity would be enhanced by 92 million tonnes during the 11th Plan through the installation of four grass-root refineries at Bina, Paradip, Bhatinda and Jamnagar by Bharat Petroleum, Indian Oil Corporation, Hindustan Petroleum and Reliance and Essar respectively.

The oil sector achieved the distinction of being the largest merchandised exporter in the country. This trend would continue.

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