India may raise petrol, diesel prices
Sunday, 9 September 2007
NEW DELHI, Sep 8 (PTI): Petrol and diesel prices are likely to be hiked by Rs.2 a litre and Re.1 per litre respectively after the current monsoon session of Parliament ends next week.
Petroleum Ministry has moved a Cabinet note seeking hike in prices of petrol, diesel, PDS kerosene and domestic cooking gas LPG in line with the rise in international crude oil prices.
Currently, petrol is being sold at a loss of Rs.2.79 per litre while diesel is priced Rs.4.65 a litre below the cost. Oil companies suffer a loss of Rs.15.50 on sale of every litre of kerosene and Rs.178.15 on sale of every LPG cylinder.
Officials said given the political sensitivity of mass- consumed cooking fuels LPG and kerosene, the hike may be restricted only to petrol and diesel.
State-run Indian Oil, Bharat Petroleum and Hindustan Petroleum will together loss Rs.524.52 billion in revenues this fiscal year if fuel prices are not raised in line with cost. Petroleum Ministry has projected a revenue loss of Rs.161.20 billion on kerosene, Rs.110.88 billion on domestic LPG, Rs.66.82 billion on petrol and Rs.185.62 billion on diesel in 2007-08.
Petroleum Ministry has moved a Cabinet note seeking hike in prices of petrol, diesel, PDS kerosene and domestic cooking gas LPG in line with the rise in international crude oil prices.
Currently, petrol is being sold at a loss of Rs.2.79 per litre while diesel is priced Rs.4.65 a litre below the cost. Oil companies suffer a loss of Rs.15.50 on sale of every litre of kerosene and Rs.178.15 on sale of every LPG cylinder.
Officials said given the political sensitivity of mass- consumed cooking fuels LPG and kerosene, the hike may be restricted only to petrol and diesel.
State-run Indian Oil, Bharat Petroleum and Hindustan Petroleum will together loss Rs.524.52 billion in revenues this fiscal year if fuel prices are not raised in line with cost. Petroleum Ministry has projected a revenue loss of Rs.161.20 billion on kerosene, Rs.110.88 billion on domestic LPG, Rs.66.82 billion on petrol and Rs.185.62 billion on diesel in 2007-08.