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Manmohan to decide on oil price hike

NEW DELHI: With crude oil prices touching a new high of $96 in the international market, the government seems to be left with no other option but to opt for a “marginal hike” in petrol and diesel prices. The final decision will be made by Prime Minister Manmohan Singh. He has asked the Finance and the Petroleum Ministries to prepare a status report on the issue and present the same by next week.

“The situation is becoming very difficult with each passing day. The losses of the oil marketing companies (OMCs) are mounting with no respite in sight. We need to do something urgently,” Petroleum and Natural Gas Minister Murli Deora said.

The Prime Minister was apprised of the effect the rising crude oil prices were having on the OMCs. Congress president and UPA chairperson Sonia Gandhi has also been updated on the issue. The Congress is wary of any increase in prices as it feels that any hike would hurt it in Gujarat and Himachal Pradesh where Assembly polls are to be held next month.

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