A temporary respite for the common man! Petroleum ministry is not going to hike fuel price, as of now. It clarified that Government has no immediate plan to raise price of petroleum products.
For the last few days, several news and stories have been circulating in the media that prices of Petroleum products are going to be hiked. However, Petroleum minister Jaipal Reddy today put an end to all of them, with his statement. He said that the Cabinet is going to take a decision on reducing subsidy on Petro products.
As the Crude rate went up in the international market recently, Indian public sector oil companies are experiencing heavy losses. So they have been demanding that petro prices should be hiked. But it seems the Government deferred the decision.
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