Get ready for another fuel hike. Petroleum minister Jaipal Reddy on Friday stressed the need for a relook at retail fuel prices amid indications that oil firms are considering an increase in the prices of automobile and cooking fuels.
“The prices of all petroleum products need to be looked at again. However, we live in a real world, not only in numbers,” Reddy told reporters on the sidelines of 7th Asia Gas Partnership Summit.
Oil companies are in favour of announcing a substantial increase in retail prices of fuel before Parliament goes into a break on March 30.
“We are losing Rs 6.43 per litre on petrol and after adding 20% sales tax, the desired increase in the rates in Delhi is Rs 7.72 per litre,” Indian Oil Corporation chief RS Butola said.