Pandey: No fuel price cut on cards

Friday, November 7, 2008 at 5:11 am

The government today said it is not considering any cut in fuel prices at the moment as oil companies continue to make losses on sales of diesel, kerosene and domestic LPG.

“I am not aware of cuts in fuel prices. At present, the reduction is not under active consideration,” Petroleum Secretary R S Pandey said.

Pandey said margins on sale of petrol have turned positive, but there were under-recoveries on sales of diesel, domestic LPG and kerosene.

Besides, the rupee-dollar parity and international oil prices were fluctuating on a day-to-day basis.

State-run Indian Oil, Hindustan Petroleum and Bharat Petroleum are projected to lose Rs 1,28,135 crore on fuel sales this fiscal.

IOC, BPCL and HPCL lost Rs 92,853 crore on fuel sales (audited figures) in April-September and are projected to lose Rs 35,282 crore in the second half of 2008-09 fiscal.

For the first time in more than 12 months, oil companies have started making profit on sale of petrol, but they continue to lose Rs 155 crore per day on diesel, LPG and kerosene sales.

(Agencies)

( This post is from an independent writer. The opinions and views expressed herein are those of the author and are not endorsed by APakistanNews.Com.)

Pandey: No fuel price cut on cards

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