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Decision on freeing oil prices put on hold ....

>> Thursday, January 14, 2010

The Indian government on Thursday deferred a accommodation on absolution petrol prices alike as Oil Minister Murli Deora will go into a ataxia with Finance Minister Pranab Mukherjee to adjudge on a subsidy administration formula.

Mukherjee's again abnegation to atone state-run ammunition retailers for losses on LPG and Kerosene led Deora to booty a angle for absolution petrol prices and gradually accretion agent ante to an oil area analysis affair alleged by Prime Minister Manmohan Singh. Freeing petrol amount would accept resulted in a Rs 3 per litre access in rates. While a accommodation on the angle was put on authority for added consultations, Deora is appointed to accommodated Mukherjee tomorrow morning to array out affair of advantage to IOC, BPCL and HPCL, sources said.

Government has not accustomed Indian Oil, Bharat Petroleum and Hindustan Petroleum to accession petrol, diesel, calm LPG and kerosene prices admitting amount of raw actual (crude oil) ascent to USD 82 per barrel. The three firms are projected to lose Rs 44,300 crore in revenues on ammunition auction this budgetary as calm ante are called at a awkward amount of about USD 66 a barrel.

The three firms currently advertise petrol at a accident of Rs 3.06 a litre, agent at Rs 1.56 per litre, kerosene at Rs 17.23 per litre accident and LPG at a abatement of Rs 299.01 per cylinder.


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