Oil ministry keen on price hike

Even as the petroleum ministry is keen on an upward revision in petrol and diesel prices, given the rise in international crude prices, a fi...

Even as the petroleum ministry is keen on an upward revision in petrol and diesel prices, given the rise in international crude prices, a final decision on the issue will be taken by the Cabinet soon.

Petroleum Minister Mani Shankar Aiyar said, ‘‘My ministry is ready with its presentation before the Cabinet and even I am ready to face all the queries in this regard from the Cabinet members.”

He said, in view of the unstable international oil prices, if remedial measures are not taken soon, their deficit — at Rs 20,000 crore — will soar to Rs 37,000 crore.

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Meanwhile, the Centre has again pressed for a reduction in the sales tax on petroleum products by states. This was announced by Minister of State for Finance S.S. Palanimanickam in the Lok Sabha.

The Left, which is against the hike, has suggested that the Centre review the duty structure on petro products to see it did not hit retail prices.

Israel Prime Minister Benjamin Netanyahu addresses the 80th session of the United Nations General Assembly, Friday, Sept. 26, 2025. (AP Photo/Richard Drew)

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