Union Cabinet likely to decide on fuel price hike

February 4th, 2008 - 2:28 pm ICT by admin  

Manmohan Singh
New Delhi, Feb 4 (ANI): The Union Cabinet is likely to meet here today to take final decision on increasing petrol and diesel prices, in view of spurt in international oil prices.
The meeting will be headed by Prime Minister Dr. Manmohan Singh, where discussion will be held on recommendations of the Group of Ministers (GoM).
Last week, four of the seven-member GoM on fuel prices, headed by External Affairs Minister Pranab Mukherjee met and decided to leave the final decision to the Cabinet.
Union Petroleum Minister Murli Deora recently said that hiking fuel price in the country is not the only solution for losses being faced by the public sector oil companies.
Earlier, crude oil prices had touched an all-time high of 100 dollars a barrel thus triggering fears of more under-recoveries by oil Public Sector Undertakings (PSU). (ANI)

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