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Decision on fuel price likely next week
Special Correspondent
BANGALORE: Union Minister for Petroleum and Natural Gas Murali Deora said here on Friday that a decision on the fuel price hike might be taken at a meeting of the Group of Ministers concerned in New Delhi next week.
He was talking to presspersons after attending a consultative committee of Members of Parliament for the Ministry of Petroleum and Natural Gas.
Mr. Deora said the GoM met twice in the last one month.
Asked what could be done to minimise the losses of the public sector oil companies, he said the Centre might release the oil bonds to bail them out if things warrant it. “It all depends on the Finance Ministry … we are hopeful that they might help us again,” he added.
LPG shortage
On the shortage of LPG, Mr. Deora said the bottling facilities had been directed to work in three shifts all over the country and in one or two weeks the shortage would be wiped out.
Mr. Deora praised Bangalore for going in for gas conversion of 54,000 autorickshaws and said that in less than 36 months most of the public vehicles in the city would run on CNG.
Speaking at the consultative committee meeting earlier, Mr. Deora said international oil prices had been touching new highs since 2003-04.
The price of crude oil in the U.S. touched $100 a barrel on January 2, 2008. Since then it had been hovering around $90. The price of Indian basket of crude oil, which averaged $23 a barrel in March 2002, had risen more than 50 per cent to $36 a barrel in May 2004, when the UPA government came to power. Since then the international prices had risen by over 150 per cent.
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