Deora meets FM, to meet PM on oil prices

New Delhi, Nov 1 (UNI) Petroleum Minister Murli Deora today called on Finance Minister P Chidambaram and expressed concern over the spiralling global crude oil prices and said he will deliberate on the issue later in the day with the Prime Minister Manmohan Singh.

For the first time, global crude oil prices jumped nearly two per cent to above 96 dollar per barrel in the day.

Indian Oil Corporation (IOC) had earlier sought an increase in prices of petrol, diesel, domestic LPG and PDS kerosene as spiralling global oil prices had put burden and may result in a revenue loss of over Rs 8,500 crore this fiscal.

While the government and oil companies were bearing their share of burden, the consumers have so far been spared from any hike in fuel prices despite crude oil touching new highs every day.

Earlier in the day, Mr Deora met Finance Minister and tried to wrangle a solution to give respite to oil companies.

Public sector oil firms are currently losing Rs 3.90 per litre on petrol, Rs 6.22 a litre on diesel, Rs 15.99 per litre on kerosene and Rs 174.17 on every 14.2-kg LPG cylinder. These losses would widen to Rs 3.94 a litre on petrol, Rs 6.50 per lite on diesel, Rs 16.42 a litre on kerosene and Rs 207 per cylinder on LPG from November 1.

UNI