• search

Government grappling with rising crude prices

Written by: Staff
|

New Delhi, Nov 4 (UNI) With global crude oil prices nudging towards 100 dollars per barrel, the government is toying with several options to offset the growing losses of oil marketing companies including a hike in fuel prices.

The picture is expected to be clear this week when Petroleum Minister Murli Deora is slated to meet Prime Minister Manmohan Singh and UPA Chairperson Sonia Gandhi.

The government is grappling with four options which include raising the fuel prices, duty cut, issuing more oil bonds through the finance ministry and less dependency on imports.

Late last Friday oil prices shot to record closing on concern about the weak dollar and tight global energy supplies heading into the northern hemisphere winter.

New York's main oil futures contract, light sweet crude for delivery in December, soared 4.40 dollars to a record closing high of 95.93 dollars a barrel.

In his second meeting in two days last week, Mr Deora expressed his concern about the global oil prices that topped 96 dollars a barrel and which has impacted Indian oil marketing companies.

MORE UNI

For Daily Alerts
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more