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National NEWS

Govt Not Considering Rise in Retail Oil Prices

August 26, 2009 Visionmp.com news service

In spite of an uptrend in prices of crude oil in global market, India is not contemplating any hike in retail fuel prices, said the oil secretary.

RS Pandey said that global prices are not comfortable, but there is no proposal to revise the price.

It may be mentioned that retail fuel prices are set below their market costs in India to protect customers, and, in addition, government partial subsidizes oil marketing firms to make the loss caused by this.

According to Indian Oil Corp’s chairman Sarthak Behuria, his company is presently losing Rs 2.30 per litre of diesel sold and Rs 4.20 per litre on petrol.