Govt to take decision on oil price next week

November 14th, 2007 - 8:19 am ICT by admin  
“We will do all that is possible to protect the interests of our PSUs,” Deora said while indicating towards price rise.

He made this statement after a brief meeting with Prime Minister Manmohan Singh on the issue.

“A decision may take two-three days,” he said, but did not rule out the possibility of a price hike.

According to reports, Deora might also meet UPA Chairperson Sonia Gandhi to apprise her on the scenario emerging surging international crude oil prices. .

The Indian basket is now trading at over 85 dollars per barrel, widening the revenue loss of Indian Oil, Bharat Petroleum and Hindustan Petroleum by nearly Rs 7,000 crore.

The state-run firms are currently incurring Rs 240 crore losses per day on sale of petrol, diesel, LPG (cooking gas) and PDS kerosene.

“Crude oil prices have gone up so much… they have put enormous burden on our PSUs. It’s our duty to protect their interest and we will do all possible,” he said. (ANI)

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