NEW DELHI: The government is considering an increase of Rs 4 and 2 per litre in the price of petrol and diesel, respectively. The move is aimed at moderating the impact of high international crude oil prices on public sector oil firms.
The group of ministers on fuel, headed by external affairs minister Pranab Mukherjee, is expected to meet later this month. This will be followed by a meeting of the Cabinet, and a hike is likely in the first week of February.
“GoM on food is meeting on January 8. GoM on fuel is likely to meet soon after that,” petroleum secretary MS Srinivasan told reporters here. He said a moderate increase in fuel prices was likely, but refused to speculate on the quantum of increase.
Sources close to the Congress party, said a hike of Rs 4 in petrol and Rs 2 in diesel was being considered.
IndianOil, Bharat Petroleum and Hindustan Petroleum are projected to lose Rs 69,753 crore on the sale of petrol, diesel, domestic LPG and PDS kerosene as the government has not allowed these companies to raise prices in line with the price of imported crude.
Petrol is being sold at a loss of Rs 8.74 a litre, diesel at Rs 9.92 per litre, kerosene Rs 20.53 a litre and LPG at a loss of Rs 256.35 per cylinder.
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