Press Esc to close
Wednesday 22 February 2017
News updated at 2:28 AM IST
Weather
Max: 33.4°C
Min : 17.7°C
In Bengaluru
clear sky

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
Devotees of Swaminarayan arrange to 'Rotla' one type of Chapati for celebrating'Shak Utsav'...

Devotees of Swaminarayan arrange to 'Rotla' one type of Chapati for celebrating'Shak Utsav'...

Indian women cricketers after winning their ICC Women's World Cup Qualifier final...

Indian women cricketers after winning their ICC Women's World Cup Qualifier final...

A Pakistani volunteer carries an injured child to a hospital in Peshawar, Pakistan...

A Pakistani volunteer carries an injured child to a hospital in Peshawar, Pakistan...

Four rare white lion cubs sit besides their mother Kiara at the zoo in Magdeburg, Germany...

Four rare white lion cubs sit besides their mother Kiara at the zoo in Magdeburg, Germany...

A shepherd taking his flock for grazing at a village in Rambha in Ganjam district...

A shepherd taking his flock for grazing at a village in Rambha in Ganjam district...

A Cheetah cub licks it's handler on the BUILD Speaker Series to promote Nat Geo Wild's 'Big Cat...

A Cheetah cub licks it's handler on the BUILD Speaker Series to promote Nat Geo Wild's 'Big Cat...

Actors Akshay Kumar and Taapsee Pannu at J P Hospital at sector 128 in Noida...

Actors Akshay Kumar and Taapsee Pannu at J P Hospital at sector 128 in Noida...

Bollywood superstar Shahrukh Khan showing his ink marked finger after casting the vote...

Bollywood superstar Shahrukh Khan showing his ink marked finger after casting the vote...

Bollywood actor and Ambassador for save the children, Dia Mirza at the launch of Standard...

Bollywood actor and Ambassador for save the children, Dia Mirza at the launch of Standard...

Microsoft CEO Satya Nadella (Centre) and Chairman Nandan Nilekani during an event on...

Microsoft CEO Satya Nadella (Centre) and Chairman Nandan Nilekani during an event on...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523