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INDIA DEFERS OIL PRICE HIKE AGAIN.

AsiaPulse News

| June 02, 2008 | COPYRIGHT 2008 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

NEW DELHI, May 31 Asia Pulse - A decision on raising prices of petrol, diesel and domestic LPG has been put off at least until next week after the UPA government leadership failed to give a clear signal on the issue.

Prime Minister Manmohan Singh and UPA Chairperson Sonia Gandhi discussed the Rs 225,040 crore (US$533.8 million) revenue loss oil PSUs face without raising price of petrol, diesel, LPG and kerosene and duty cuts this fiscal on three occasions but failed to give a clear verdict.

Petroleum Minister Murli Deora, who had on Thursday said that Cabinet could meet on Saturday to take a view, left for Mumbai - his constituency - this morning after core group of UPA could not reach finality on the issue last night.

"Don't expect any action this week," an oil aide said.

The hitch, some say, is inflation rate climbing up to 45 month high of 8.1 per cent. Finance Minister P Chidambaram who has been vehemently opposing parting with any revenues by way of cut in customs and excise duty, is also believed ...

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Source: HighBeam Research, INDIA DEFERS OIL PRICE HIKE AGAIN.

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