The Hindu : National : Fuel price review likely in October

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Friday, Jul 04, 2008
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Fuel price review likely in October

Special Correspondent

NEW DELHI: With crude oil prices touching a record $146 a barrel, Petroleum Secretary M.S. Srinivasan indicated that another review of the retail selling price of petrol, diesel and Liquefied Petroleum Gas (LPG) would take place in October.

Addressing the 19th World Petroleum Congress at Madrid, Spain, on Thursday, Mr. Srinivasan said: “By October, we will get a clear picture of the dent that rising international crude prices will leave on revenues of state-run Oil Marketing Companies (OMCs) in the first half of 2008-09. At the June meeting of the Union Cabinet when it was decided to raise petrol, diesel and LPG prices, it was agreed that we will take stock of the situation in October.”

The government had on June 4 raised the price of petrol by Rs. 5 a litre, diesel by Rs. 3 a litre and LPG by Rs. 50 a cylinder. “We do not expect any price revision between now and October. We will review the situation in October and take steps deemed fit by the government to address the scenario,” Mr. Srinivasan said ruling out any imminent price hike.

The average price of the Indian basket of crude oil at the time of the June 4 hike stood at $123 a barrel but now it had gone up to $128, he said.

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