|No hike in fuel prices for now, says Jaipal Reddy|
|The Minister of Petroleum and Natural Gas Shri S. Jaipal Reddy has ruled out an immediate hike in fuel prices. Talking to the media on the sidelines of a function here, the Minister said, there is no immediate plans to hike oil prices now. He, however added that difficult and painful decisions need to be taken to reduce the under-recoveries of oil marketing companies. In reply to a question, Shri Reddy said that as a Minister, it is his duty to bring out the facts in front of the Cabinet Committee of Political Affairs, but when the CCPA will take a final call on the issue is not known.|
Speaking on the occasion, Indian Oil chairman Shri R.S. Butola said that oil companies are currently losing nearly Rs. 6 per litre on petrol sales and pitched for hike in petrol prices. Shri Butola said, he is in consultations with his colleagues at other oil marketing companies and stakeholders on the issue. State-run oil marketing companies are losing Rs. 550 crore everyday on under-recoveries as a result of higher crude prices in the global markets.