Cabinet to discuss oil price hike next week

New Delhi, Oct 05 (UNI) The Union Cabinet may discuss the issue of oil price hike next week, Indian Oil Corporation (IOC) Chairman S Behuria said today.

''A decision on the oil price hike is likely to be taken by the cabinet next week,'' Mr Behuria told reporters.

Mr Behuria said that the company is losing Rs 92-100 crore per day on the sale of oil products, adding it expects a decision on oil bonds soon.

International oil prices are ruling high and the oil companies are absorbing the difference in the prices of crude and products.

A proposal for floating oil bonds worth Rs 25,000 crore to offset the loss of oil companies is also being actively considered.

UNI