NEW DELHI: Petroleum and Natural Gas Minister Murli Deora ruled out an immediate hike in prices of petrol, diesel, kerosene oil and Liquefied Petroleum Gas (LPG).
Instead, the government is likely to issue oil bonds worth about Rs.12,000 crore to State-run oil marketing companies (OMCs) to partially compensate them for selling fuel at below the cost.
“The OMCs have been demanding a hike in fuel prices in view of the massive rise in the price of crude oil in the international market. However, we are determined not to put any burden on the poor and the common man as directed by Congress president and UPA chairperson Sonia Gandhi,” Mr. Deora said.
He said he had taken up the matter of issuing of oil bonds and restructuring levies on petroleum products with Finance Minister P. Chidambaram.
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