Petrol price not to be hiked: Jaipal

Feb 16, 2011 |

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New Delhi, Feb. 15: The Union minister for petroleum and natural gas, Mr Jaipal Reddy, on Tuesday revealed that the government does not intend to raise the prices of petrol and diesel despite the international prices of crude oil having shot up. “We are not at the moment thinking of increasing prices,” he said.

“The oil marketing companies are facing a burden of the order of `80,000 crore (and) may be `100,000crore (this fiscal).” This effectively means that they will incur a loss to the tune of `80,000 crore due to the spurt in oil prices.

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