Deora meets FM, discusses rising oil prices

New Delhi, Nov 1 (UNI) Petroleum Minister Murli Deora has said he had called on Finance Minister P Chidambaram and discussed with him measures to check losses of the state-owned oil companies due to the spiralling global oil prices.

Global crude oil prices jumped nearly two per cent to above 96 dollar per barrel for the first time today.

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.

''We have discussed about the solutions to provide respite to oil companies as oil prices have gone up so much,'' Murli Deora told reporters yesterday, but declined further to comment.

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 4.94 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