The meeting of the Empowered Group of Ministers on fuel pricing, scheduled for 11 May has been postpones. The group will meet next week to consider oil ministry's proposal of Rs. 3 per litre hike in diesel price.
However, a hike of around Rs. 3 per litre for petrol, is certain to take place this week. The price of Indian basket of crude oil has further accelerated to touch 33 months high of $118.46 per barrel in April 2011.
However, the domestic administered fuel prices have been retained constant for long tome due to elections and high inflation.
As per the data from Petroleum Planning and Analysis Cell, Oil Marketing Companies are currently incurring daily under-recovery of Rs. 495 crore on the sale of Diesel, PDS Kerosene and Domestic LPG.
The under-recovery as on 01 May 2011 stood at Rs. 16.17/liter for diesel, Rs. 28.28/liter for kerosene and Rs. 329.73 / Cylinder for LPG.
Lifeline of Mumbaities is Local Railway. Lifeline for the world is - Aluminium, Copper, Crude, Gold, Lead, Natural Gas, Nickel, Silver, Zinc. |
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