Prices of petrol, diesel and LPG to go up again
04 September 2012
The prices of petrol, diesel and LPG are likely to go up again after the finance ministry said it has little funds to support fuel subsidies.
Also, state-run oil marketing companies have been demanding an increase in fuel selling prices with the average price of the crude import basket touching $113 a barrel.
The upward revision is expected to make petrol costlier by Rs4 a litre, diesel by Rs5 a litre and LPG by another Rs50 a cylinder.
The actual increases proposed, however, are yet unknown, while there seemed to be no consensus on increasing kerosene prices.
''Fuel hike is likely to take place soon. The government is waiting for Parliament to adjourn,'' a senior official of the petroleum ministry said.
He said the oil marketing companies are losing huge amounts even on petrol, whose pricing has been decontrolled since June 2010, because of indirect control by the government.