Oil Min may consider fuel price hike on rising crude

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Oil Min may consider fuel price hike on rising crude

Oil Min will discuss a new oil bond formula for this fiscal next week, reports NewsWire18. The ministry said that govt is working on steps to save oil PSUs. The ministry will also review the oil price scenario on Friday. However, the FM P Chidambaram said he was not aware of any Cabinet meet on the oil price hike.

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Nayantara Rai, CNBC-TV18

One may have to pay more now for petrol and diesel. Sources in the oil ministry have told CNBC-TV18 that a hike in fuel prices cannot be ruled out, what with crude oil prices hitting fresh records above USD 135 per barrel.

The Oil Ministry said that it will discuss a new oil bond formula for this fiscal next week, reports NewsWire18.

The ministry said that government is working on steps to save oil PSUs. They will take remedial steps on high crude price. The ministry will also review the oil price scenario on Friday.

However, the Finance Minister P Chidambaram  said he was not aware of any Cabinet meet on the oil price hike.

Murli Deora, Oil Minister has said that he will meet the top heads of the three marketing companies that's IOC , HPCL and BPCL . The purpose of the meeting is to discuss possible remedial measures to write over the alarming international crude prices. What's interesting is that for the first time since the last few weeks, he did not rule out the fuel price hike, he also did not detail what these possible measures could be.

Some senior officials in the oil marketing companies said their wish list comprises of a Rs 5 hike in petrol and Rs 10 in diesel. The other senior officials in the oil marketing companies told us that the other remedial measures could be a cut in customs duty or something the Finance Minister has previously ruled out and SLR status for oil bonds as well as increase in the coupon rate for the oil bonds, so these are some of the remedial measures that they are looking at.