Petro price hike: GoM may meet tomorrow

A group of ministers is likely to meet on Saturday to seal a decision on raising prices and duty rationalisation.

A Group of Ministers on fuel pricing is likely to meet on Saturday to seal a decision on raising prices and duty rationalisation, which may be considered by the Cabinet as early as Monday.

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"Yesterday's GoM meeting was inconclusive as two ministers were not present. We did discuss some proposals and I hope the GoM and government will find a solution (to the spike in crude oil prices)," Petroleum Minister Murli Deora told reporters here.

"Our endeavour is that consumers should not be burdened too much and oil companies losses are taken care of," he said, adding that the GoM is likely to meet again tomorrow or the day after tomorrow.

Petroleum Ministry officials said External Affairs Minister Pranab Mukherjee has indicated a time during tomorrow evening for reconvening the GoM meet. If that happens Cabinet may be pressed to meet on Monday so that a decision is taken before Deora and Petroleum Ministry officials embark on overseas road shows for auctioning NELP-VII blocks.

Deora said: "I can assure that people will not complain."