UPA may agree to raise petrol prices

9:57 PM, Tuesday, March 1st, 2011

Jaipal ReddyNew Delhi: The UPA Govt. led by Congress is bent upon raising petroleum product prices again soon.
The centre has rejected the demand of Oil Refining Companies to reduce taxes on various fuels. There could be a rise in prices of petroleum products from Rs1 to 4 if the talks fail between the two parties.
IOC. BPCL and HP company top officers are holding unofficial talks but unless taxes go down, the prices will not come down, one of them indicated.
The govt. had given the power to increase the rates in June 2010. 3 Oil Companies rule the Indian market to the extent of 90%. Still, they wanted to meet Mr.Jaipal Reddy, Oil Minister, unofficially to talk on prices.
India imports 80% of its fuel requirements from many countries like Libya and Kuwait. But the receipts are less than payments by Rs.14 per litre.
People have to be ready for another rate rise now.

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