Petrol price may be decontrolled
The government of India is believed to be considering decontrolling petrol prices, a move that may see rates being hiked by Rs 16-17 a litre, but diesel will continue to be sold at a subsidised price.
The relentless rise in international crude oil prices that last week touched an all time high fo 135 dollars a barrel has forced the government to mull options to save state-run firms, which expect a revenue loss of Rs 200,000 crore this fiscal on sale of petrol, diesel, domestic LPG and kerosene.
Petrol is currently being sold at a loss of Rs 16.34 a litre and diesel at Rs 23.49 per litre.
Deregulating petrol price would mean that its prices would move in tandem with international prices.