SRINAGAR, Sept 11: The union cabinet committee on Political affairs is likely to take decision on hike in fuel prices later in the day, oil minister Jaipal Reddy has said.
Reddy said a hike in fuel prices could not be ruled out and that the CCPA was most likely to take a decision on the issue.
Last weeks many news channels reported the possibility of an immediate hike in petrol prices by 5 rupees, followed by an increase in the cost of diesel and LPG. However, Reddy had ruled out such a hike at least for a week.
He had however reiterated that there was a need to reduce under-recoveries of oil companies.
“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,” he told NDTV profit on Tuesday.
The CCPA is likely meeting late in the evening today.
Oil marketing companies say they are suffering losses of arouns 550 crores everyday on under-recoveries as a result of higher crude prices in the international market.
They say they lose Rs. 6/litre on sales of petrol, Rs. 17/litre on diesel sales, Rs. 32.7/litre on kerosene sales, and Rs. 347/cylinder on saloe of cooking gas every day.
