Press Esc to close
Friday 20 January 2017
News updated at 2:22 AM IST
Weather
Max: 28.2°C
Min : 14.4°C
In Bengaluru
Sunny day

Petrol price may come down by up to Rs 1.50/litre

New Delhi, Sep 12, 2013 (PTI)
File Photo.
Petrol prices may be cut by as much as Rs 1-1.50 per litre next week on falling international oil rates and appreciating rupee but a one-time hike in diesel and possibly LPG rates is still on the cards.

Oil Secretary Vivek Rae said the issue of a one-time hike in diesel and cooking fuel rates "is a political and economic challenge" from which "we cannot run away."

"Some burden has to be borne by consuming population. That is the challenge government faces. It is a political challenge, it is an economic challenge. It is a challenge we cannot run away from," he said speaking at an conference organised by Delhi Productivity Council here.

Rae said subsidy burden has reached unsustainable levels which cannot financed by government budget and oil companies.

Oil subsidy, he said, had risen by Rs 20,000 crore in last two months alone on depreciating rupee that made imports costlier.

With limited financial resources, the government cannot run the risk of inflating the fiscal deficit further as it would lead to further depreciation in the rupee and downgrade in credit ratings, he said.

Later talking to reporters, he said a decision on raising rates beyond the 50 paise a litre increases being effected currently would be taken after considering all options.

"Finance Minister (P Chidambaram) himself has said that the decision has to be considered very carefully. So I guess all aspects will be taken into consideration before deciding what to do next. There are many options available," he said without elaborating.

Officials said the softening in international oil rates and appreciating rupee will translate into a cut in petrol price on September 15/16.

Rae too said that crude prices have come down after reduction in tension in Syria and rupee has also stabilised.

 

Go to Top

Photo Gallery
Bollywood actress Soha Ali Khan taking selfie with the newly launched Samsung C9 Pro mobile...

Bollywood actress Soha Ali Khan taking selfie with the newly launched Samsung C9 Pro mobile...

Camel-mounted BSF soldiers participate in rehearsal for the Beating Retreat ceremony...

Camel-mounted BSF soldiers participate in rehearsal for the Beating Retreat ceremony...

Students form a human chain to display VOTE at an awareness campaign Jalandhar...

Students form a human chain to display VOTE at an awareness campaign Jalandhar...

Children holding national flags as they ride on a modified motorcycle ahead of the Republic...

Children holding national flags as they ride on a modified motorcycle ahead of the Republic...

Workers busy installing flower pots as part of the Republic Day Flower show at Glass House...

Workers busy installing flower pots as part of the Republic Day Flower show at Glass House...

Workers busy installing flower pots to make Peacock shape as part of the Republic Day Flower show...

Workers busy installing flower pots to make Peacock shape as part of the Republic Day Flower show...

The final touch work is going in full swing at as part of the Republic Day Flower show at Glass...

The final touch work is going in full swing at as part of the Republic Day Flower show at Glass...

Jagjot Singh Rubal, an Indian artist, gives final touches to a portrait...

Jagjot Singh Rubal, an Indian artist, gives final touches to a portrait...

Members of Hindu Sena, a right-wing Hindu group, place a garland on an poster...

Members of Hindu Sena, a right-wing Hindu group, place a garland on an poster...

PWD labourers paint the statue of Netaji Subhash Chandra Bose at Shymabazar in Kolkata...

PWD labourers paint the statue of Netaji Subhash Chandra Bose at Shymabazar in Kolkata...

Like us on Facebook

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523