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Fuel price hike in the offing

NEW DELHI: The government is preparing for a moderate hike in fuel prices to offset the impact of the spiralling international crude prices.

The Empowered Group of Ministers (EGoM), headed by External Affairs Minister Pranab Mukherjee, will soon take a decision on the issue. It is understood that an increase of Rs. 4 and Rs. 2 a litre in petrol and diesel prices is being considered.

“The GoM on food is meeting on January 8. The EGoM on fuel is likely to meet very soon after that,” Petroleum Secretary M.S. Srinivasan told reporters. Petroleum and Natural Gas Minister Murli Deora said the Union Cabinet would take a decision on the hike. At present there is no concrete proposal on the quantum of the increase.

Since its formation in November, the EGoM has not met even once. Its meetings were postponed twice for various reasons. The oil marketing companies are learnt to have proposed an across the board hike of Rs. 4 in petrol and Rs. 2 in diesel. Indian Oil, Bharat Petroleum and Hindustan Petroleum are projected to lose Rs. 69,753 crore.

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