By IANS
New Delhi : A group of ministers (GoM) Thursday could not reach a consensus over raising fuel prices and referred the issue to the central cabinet, which is expected to decide on the issue early next week.
The panel led by External Affairs Minister Pranab Mukherjee met Thursday morning to discuss fuel price hike but decided to leave the final decision to the cabinet, said Petroleum Minister Murli Deora.
“We discussed the fuel price hike issue but the committee (GoM) has decided to leave it to the cabinet,” Deora said.
“The cabinet could meet as early as February 5,” he added.
The combined losses of state-owned oil marketing companies (OMCs) are projected to cross Rs.700 billion ($17.8 billion) if the government does not allow them to sell fuel at market prices.
However, Deora has indicated that any hike in prices of petrol, diesel, kerosene and liquid petroleum gas will be minimal.
So far, the government has issued bonds worth Rs.347 billion ($8.85 billion) so that OMCs could cut down their losses.