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World Business News |
Chennai News
Wednesday, April 6, 2005 (New Delhi):
With international oil prices hitting record highs, the
Cabinet is likely to give a nod to a hike in domestic fuel
prices.
Oil companies want petrol prices to go up by Rs 5.60 per
litre and diesel by Rs 4.30 in line with international
prices.
But political compulsions may force the government to
restrict the hike to about Rs 2 per litre on petrol and Rs
1.75 per litre for diesel.
These were part of the Petroleum Ministry's original cabinet
note sent last month.
Updating proposals
But as international prices have changed dramatically since
then, the Petroleum Ministry has been asked to update their
proposals.
"If they want, we can prepare a supplementary note explaining
how things have changed in the period in between. Cabinet
will give the policy clearance. It is not interested in nitty
gritties," said Mani Shankar Aiyar, Petroleum Minister.
But the problem is that LPG and kerosene prices are unlikely
to be raised even though oil companies have had to bear a
subsidy burden of about Rs 18,000 crore in 2004-05 on LPG and
Kerosene.
Cross-subsidisation plan
As a result, the PMO has come up with a cross-subsidisation
plan, which is likely to be presented to the Cabinet when the
issue comes up for discussion.
The proposal is to impose an additional levy of at least Rs
1.80 per litre on both petrol and diesel, which will be over
and above the proposed fuel price hike.
This will make petrol costlier by about Rs 3.80 and diesel by
about Rs 2.50.
A final decision in the issue is expected in the forthcoming
Cabinet meeting.
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