The Hindu : National : Fuel price hike: GoM likely to meet this week

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Monday, Jan 28, 2008
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Fuel price hike: GoM likely to meet this week

Sujay Mehdudia

NEW DELHI: The Group of Ministers (GoM) led by External Affairs Minister Pranab Mukherjee is likely to meet this week to take a decision on the hike in prices of petroleum products. Petroleum and Natural Gas Minister Murli Deora has already announced that the hike will be minimal.

Mr. Deora was to arrive here from London on Sunday night. He went on a six-day visit to take part in the road shows to showcase the New Exploration Licensing Policy round VII.

Mr. Mukherjee, who had been busy with the visits of British Prime Minister Gordon Brown and French President Nicolas Sarkozy last week, would be relatively free this week.

The Oil Marketing Companies (OMCs) and some senior officials in the Petroleum Ministry have been mounting pressure for an immediate hike due to the spiralling crude oil prices in the international market.

Petroleum Secretary M.S. Srinivasan had stated that the hike could be effected any time but political compulsions had not allowed that to happen. “We are working out a solution that would be acceptable to all. I can assure you that the hike will be minimal and leave no room for complaints,” Mr. Deora had told The Hindu before leaving for London.

Left stand

Although the Left parties have already made known their opposition to any hike in fuel price, the government is confident of bringing them around.

The Congress has also given the go-ahead for a marginal hike.

The Petroleum Ministry has been pressing for restructuring of customs duties and lowering of excise duties to offset the impact of hike in crude oil prices on domestic companies.

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