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Petroleum Secretary hints at price hike again

This article was posted on Mar 21, 2010 and is filed under Market News

The Secretary of Ministry of Petroleum and Natural Gas, Mr S. Sundareshan, on Saturday told a press conference here that “hard decisions are necessary” against the backdrop of volatility in the global crude oil prices.

Pointing out that under-recovery (extent of cost uncovered by selling price) for petroproducts for the current year works out to Rs 45,000 crore, Mr Sundareshan said that no consumer could feel that he could “be continuously insulated from volatility in international prices.”

The under recovery was Rs 5 for petrol, Rs 3 (diesel), Rs 16 (kerosene) and Rs 260/ cylinder of LPG.

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