No plans to hike fuel prices: Murali Deora

Kochi, June 24: Union Petroleum and Natural Gas Minister, Murali Deora, today categorically stated that the Centre would not increase fuel prices despite a spurt in international crude oil prices. Talking to reporters here, Mr Deora said the government would ensure that the prices of kerosene remained the lowest price in the world and LPG were not hiked.

He said the government and oil companies were sharing the under-recoveries, which were Rs 72,500 crore last year.

Though the excise duty was reduced from eight to six per cent and customs duty from 10 to 7.5 per cent, it was a tough task for the government to maintain the fuel prices with international crude oil price touching 70 dollars a barcel, an increase 10-12 per cent since February, he said.

The ministry was planning to introduce 'smart card' for LPG cylinders to track its use in the country. The ministry had introduced 'markers' to curb the adulteration of kerosene, he informed.

Mr Deora said the industry was the largest merchandise exporter with exports touching 17.5 million dollar last year and was expected that the oil sector would become a much larger exporter during the 11th plan.

UNI