With oil companies losing crores of rupees every day on selling fuel below cost, Petroleum Minister S. Jaipal Reddy said that he would convene a ministerial panel meeting to review prices of fuel sold at subsidised rates. He assured that the meeting will be held before the next parliament session begins, which is likely to be on Nov. 22.
The Petroleum Minister said that losses by oil marketing companies because of selling oil products at a subsidized rates is touch Rs. 1.3 trillion in this fiscal year. He added that his ministry would try to increase the prices of diesel, LPG and kerosene.
However, he said that his ministry has no say on the price of petrol, as it was liberalized over a year ago. He added that oil companies are free to hike the price of petrol.