Published on Fri, Sep 01, 2006 at 13:59 | Source : Moneycontrol.com
Updated at Fri, Sep 01, 2006 at 14:46
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No fuel price hike for now: Oil Ministry
The Oil Ministry says it won't hike fuel prices for now. That's because the average price of the Indian crude basket for August was below USD 71, reports CNBC-TV18.
The Oil Ministry says it won't hike fuel prices for now. That's because the average price of the Indian crude basket for August was below USD 71, reports CNBC-TV18.
If one looks back, on June 4, when the government last hiked fuel prices, it said that if the Indian crude basket crosses USD 71 per barrel, then oil companies would have the freedom to review fuel prices. But that obviously does not seem to be happening now. The average Indian basket price for crude in August was at USD 70.84 per barrel.
Oil companies too don't seem to be perturbed by this government decision as oil prices have been moving southwards for a couple of weeks now.
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said that if the Indian crude basket crosses USD 71 per barrel, then oil companies would have the freedom to review fuel prices. But that obviously does not seem to be happening now. The average Indian basket price for crude in August was at USD 70.84 per barrel. 
