Oil minister Jaipal Reddy made it clear that there is no immediate petrol price hike on card, it has been widely believed that once Sonia Gandhi returns from abroad a decision to raise Diesel, LPG and Petrol will be finalized and it will be officially announced in next week.
OMC are incurring heavy losses which runs in to Rs. 560 Cr per day due to under recovery of fuel, particularly LPG, Kerosene and Diesel. Expert and management of OMCs has indicated that in if there would be no fuel price hike then Oil subsidy bill will run in to 2 trn rupees making functioning of OMC very difficult.
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