The Centre 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 rise in international oil prices that last week touched an all-time high of $135 a barrel has forced the government to mull options to save state-run firms, which expect a revenue loss of Rs 2,00,000 crore this fiscal on sale of petrol, diesel, domestic LPG and kerosene.“One of the options is deregulation of petrol prices,” an official said. “The country’s preferred auto fuel diesel will continue to be subsidised though a marginal Rs 2-3 a litre hike in prices may be announced.” Petrol is being sold at a loss of Rs 16.34 a litre and diesel at Rs 23.49 per litre. Deregulating petrol price would mean its prices will move in tandem with international prices.
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