EGoM meet on June 9 to consider fuel prices | business | Hindustan Times
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EGoM meet on June 9 to consider fuel prices

The ministerial panel headed by finance minister Pranab Mukherjee will meet on June 9 to decide on the hike in diesel, cooking gas (LPG) and kerosene prices.

business Updated: May 26, 2011 22:39 IST
HT Correspondent

The ministerial panel headed by finance minister Pranab Mukherjee will meet on June 9 to decide on the hike in diesel, cooking gas (LPG) and kerosene prices.

“The meeting of the empowered group of ministers (EGoM) on fuel pricing has been scheduled for June 9,” said a senior Congress minister, who is also part of the EGoM, on Thursday.

“Price of diesel, LPG and kerosene will have to go up (to cover for rise in input crude oil cost). What EGoM has to decide is the quantum of the price hike,” said the minister seeking anonymity.

State-owned oil marketing companies had earlier this month hiked petrol price by Rs 5 per litre. On its part, the oil ministry is again pushing for a Rs 4 per litre increase in diesel and at least Rs 20-25 per 14.2-kg cylinder hike in domestic cooking gas (LPG) rates. Kerosene price hike too is on the cards.

“There is no escaping this time... nothing can be treated as sacred,” the minister said.

EGoM was originally scheduled to meet on May 11, a day after polling in West Bengal ended but the panel meeting was postponed and has now been scheduled for June 9.

“Public sector oil companies are losing close to R500 crore per day on selling diesel, domestic LPG and kerosene at government controlled rates. We cannot continue with this for long,” he said.

Oil companies are losing Rs 16.49 on sale of every litre of diesel at current price of Rs 37.75 per litre in Delhi.