New Delhi: After a number of speculations about the Petrol and Diesel price hike, Union Petroleum Minister, S Jaipal Reddy comes forward on Friday to clear the entire rumour.
He said, "There is no immediate plan to hike oil prices now and cabinet will take final call on hiking fuel prices." He gave a shut-down to all the speculations of the steep hike in prices of petroleum products like petrol, diesel and LPG.
Later, denying the price hike Reddy admitted that the state-run oil marketing companies are incurring heavy losses due to higher crude prices in the global market.
These oil marketing companies are seeking Rs. 32,000 crore, as compensation for the first quarter of current fiscal year. These companies have not been compensated since the government decontrolled petrol prices in June 2010.
The Petroleum minister didn't denied with the fact that the country is going through a grave problem right now, but the government is not in favour of any hike in fuel prices at this moment.