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No proposal for fuel price hike, says petroleum secretary

The government on Wednesday said it had no proposal to increase prices of petroleum-based fuels, though it was wary about rising crude oil prices in international markets.

business Updated: Aug 26, 2009 13:20 IST

The government on Wednesday said it had no proposal to increase prices of petroleum-based fuels, though it was wary about rising crude oil prices in international markets.

"We are not comfortable with the current prices," Petroleum Secretary RS Pandey told reporters on the sidelines of a global hydrogen technologies convention here.

"But there is no proposal to increase fuel prices," he said on the margins of the event organised by Indian Oil Corp and the Society of Indian Automobile Manufacturers (SIAM).

Global crude prices are presently at a 10-month high of nearly $75 per barrel putting pressure on transport fuel retailers in the country.

Last month, the government had permitted these oil retailers to hike petrol prices by Rs.4 per litre and diesel by Rs 2 per litre, which was widely criticised by opposition parties and customers.