07 March 2012

Fuel price hike on hold till Holi


The oil marketing companies will not be increasing petrol prices , and perhaps will refrain from doing so till after Holi.
Sources say this was decided after a meeting the oil marketing companies had with the oil secretary earlier today.
The OMCs want to hike prices by Rs 5 per litre, but have decided, this time round, to seek the government's advice on just when to do so.
OMCs are also pushing for a diesel price hike to help bridge the current under recover of over Rs 12 per litre. They believe this is the only option right now.
However, will the UPA-2 bite the bullet and hike fuel prices right now? Do remember Parliament will convene next week for the Budget session.

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