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Fuel price hike: Govt hopes to find new solution
Commodity Online
NEW DELHI: Union petroleum minister Murli Deora on Thursday said the government is hopeful in finding new solutions for reducing the losses faced by oil firms in the country.
Speaking to newsmen here, the minister said, price hike is not the only solution for reducing the losses faced by public sector oil firms and other option were being discussed.
"A GoM on fuel prices will meet shortly and will consider the other options,'' he added. Mr Deora said he had talks with Left leaders including Mr Sitaram Yechury of CPI-M late last week. "The Left is very cooperative. They have said they will assist in finding a solution for the present crisis,'' he said.
"Price hike is not the only solution. There are others options like excise duty cut as has been suggested by the Left. We’ve got to find the best solution, the Government would also focus on oil conservation as an answer to crude oil prices”, he said.
Crude oil prices touched an all-time high of $100 a barrel yesterday in New York Mercantile Exchange, triggering fears of more under-recoveries by oil PSUs.
Commodity Online
NEW DELHI: Union petroleum minister Murli Deora on Thursday said the government is hopeful in finding new solutions for reducing the losses faced by oil firms in the country.
Speaking to newsmen here, the minister said, price hike is not the only solution for reducing the losses faced by public sector oil firms and other option were being discussed.
"A GoM on fuel prices will meet shortly and will consider the other options,'' he added. Mr Deora said he had talks with Left leaders including Mr Sitaram Yechury of CPI-M late last week. "The Left is very cooperative. They have said they will assist in finding a solution for the present crisis,'' he said.
"Price hike is not the only solution. There are others options like excise duty cut as has been suggested by the Left. We’ve got to find the best solution, the Government would also focus on oil conservation as an answer to crude oil prices”, he said.
Crude oil prices touched an all-time high of $100 a barrel yesterday in New York Mercantile Exchange, triggering fears of more under-recoveries by oil PSUs.