No fuel price hike, Deora

New Delhi, May 15 (UNI) Petroleum and Natural Gas Minister Murli Deora today said prices of petrol and diesel will not be hiked in the immediate future.

Talking about international oil prices, Mr Deora said that even if prices per barrel fluctuate between 55 dollars to 75 dollars a barrel, prices will remain unchanged.

As of today the Indian crude basket stood at 65.18 dollars per barrel.

The Minister also said that the oil ministry will take financial help from the the centre to help oil marketing companies (OMCs) who are hit by huge under-recoveries because of high global crude oil prices. OMCs have to sell fuel at state-administered discounted rates.

The government had issued oil bonds worth Rs 2410 crore for 2006-07 financial year to offset revenue losses of the OMCs.

UNI