SRINAGAR, Sept 7: There will be no hike in petrol prices at least for now, union oil minister Jaipal Reddy has said.
Certain news channels had reported about a likely increase in prices of petrol by 5 rupees, followed by diesel and LPG.
“It is my duty as a minister to bring out the facts in front of the Cabinet Committee of Political affairs…don’t know when the CCPA will take up the issue,” the minister was quoted as saying by NDTV during an Indian Oil event in New Delhi.
Petrol costs slightly less than 75 rupees per litre across Kashmir valley as of now.
Reddy, however, said there is a need to reduce the under-recoveries of oil marketing companies.
But the news channel reported, quoting sources, that the relief could only be temporary as the hike in the fuel prices has been deferred only by a week.
The fresh increase will be for the second time this year that the prices of petrol were hiked. Earlier in May, petrol became dearer 6.28 rupees across the country, the steepest hike ever.
The decision led to country-wide protests. Various important UPA allies demanded immediate roll back of the decision.
In June, the price of petrol was reduced by Rs 2.02 per litre and was followed by a further decrease by 2.46 rupees per litre in July.
However, the prices were slighty hiked by 70 paise per litre in the same month.
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