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This is an archive article published on August 11, 2007

Petroleum Min seeks Rs 20,000 cr oil bonds

Ministry of Petroleum and Natural Gas has not made up its mind to propose fuel price hike yet. As per sources, apart from seeking...

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Ministry of Petroleum and Natural Gas has not made up its mind to propose fuel price hike yet. As per sources, apart from seeking oil bonds worth about Rs 20,000 crore from finance ministry to partly compensate losses, the ministry has no further plan of action so far.

Top officials of oil ministry had already hinted that there would not be any price hike till the end of monsoon session. In a note sent to finance ministry a few weeks ago, the oil ministry has not mooted any fuel price hike.

Considering the prevailing crude oil price trend, the oil ministry has estimated a loss of around Rs 52,000 crore to oil marketing companies during this fiscal due to under-realisation on sale of petrol, diesel, domestic cooking gas LPG and kerosene. Finance minister had already asked the oil ministry to take a call on fuel price hike.

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