New Delhi, May 23 (UNI) Petroleum Secretary M S Srinivasan today said domestic fuel prices in the country are bound to increase as crude oil prices in the international market are rising.
''The oil ministry is also seeking a scrapping of import duty on crude oil and a reduction in customs duty on petrol and diesel to 2.5 per cent from 7.5 per cent in a bid to ease losses at state run companies,'' Mr Srinivasan said.
The amount of price increase will be worked out by this evening, he said.
Crude oil's sharp increase has hurt consumers around the world with countries like Indonesia and Taiwan expected to increase prices.
Even China had said yesterday that it would retain controls on fuel prices, denying rumours about raising prices.
UNI AK SG KN1210