Govt hints at hike in LPG prices

Mangalore Today News Network

New Delhi, December 30:   A day after a ministerial meeting on fuel prices was postponed indefinitely, the Oil Secretary Thursday signalled a hike of Rs 35-40 ( per cylinder) in LPG prices.
 

At a hurriedly called media conference, Oil Secretary S Sundareshan said the revenue loss of the oil marketing companies (OMCs) "would be adequately and fully addressed."

 
Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp currently lose over Rs 225 crore per day on selling diesel, domestic LPG and kerosene below their imported cost, with global crude oil prices at a two-year high of USD 92 a barrel.
 

In international market gas prices have surged by around 60 percent.

Sundareshan, however, refused to comment on the reason for postponement of the EGoM meet to consider a price hike of Rs 2 per litre of diesel and Rs 30-40 per LPG cylinder.