Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Home Page / EGoM Friday meet may hike fuel price, relax control
BackBack

EGoM Friday meet may hike fuel price, relax control

EGoM Friday meet may hike fuel price, relax control

Premium

New Delhi: An empowered group of ministers will meet here on 25 June to consider possibly freeing petrol prices from government control and marginally hiking diesel prices.

Sources said petrol price will go up Rs3.73 a litre if the domestic prices are aligned with international rates. Petrol in Delhi currently costs Rs47.93 per litre.

“Friday is the meeting of EGoM," petroleum minister Murli Deora told reporters, but refused to spell out the agenda.

Domestic retail prices of petrol and diesel are benchmarked at close to $60 per barrel crude oil price, while the global rates currently are over $77 a barrel.

Deora has already asked states to lower sales tax on petrol and diesel to cushion consumers from the impact of fuel price hike, if any.

“A rise in the international oil prices exerts an upward pressure on domestic prices of petroleum products," he wrote to states. “Ad valorem rates of VAT imposed by the state government further aggravates the impact of international oil prices on the consumers."

Sources said any decision to hike fuel prices would have to have the consent of UPA’s alliance partners, railway minister Mamata Banerjee (TMC), and agriculture minister Sharad Pawar (NCP), given the inflationary impact of the decision.

In May, WPI-based inflation was 10.16%.

DMK leader and fertiliser minister M.K. Alagiri is on board the decision to raise fuel prices, sources said, adding that the eGoM would try to build consensus.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 22 Jun 2010, 02:39 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App