New Delhi: The petroleum ministry has no immediate plans to raise the retail
selling prices of petrol and diesel said petroleum minister, Murli Deora.
also indicated that he would meet the finance minister, P Chidambaram, next week
to seek bonds to partly compensate the state-owned oil companies for selling products
below the cost price.
ministry is expected to seek Rs19,000-crore worth of oil bonds for Indian Oil
Corporation Ltd, Bharat Petroleum Corporation Ltd, and Hindustan Petroleum Corporation
Ltd in the current fiscal year ending March 2008.
total under-realisation for the fiscal is estimated to be Rs55,000 crore. The
Government expects state-run upstream companies to chip in an equal amount (Rs19,000
crore) as part of sharing the burden of higher crude prices.
balance Rs17,000 crore will be borne by the refining and marketing companies themselves.
said the under-recovery on petrol and diesel stood at Rs4.97 and Rs4.45
per litre respectively.
under-realisation on sale of kerosene sold under the public distribution system
stood at Rs14.64 per litre and that on sale of domestic liquefied petroleum gas
was Rs189.14 per cylinder.