A decision on fuel price hike would be taken at the Empowered Group of Ministers (EGoM) meeting slated to be held in New Delhi on June 7, the Union petroleum minister, Mr Murli Deora, said on Monday.
The EGoM would meet under the chairmanship of finance minister, Mr Pranab Mukherjee, Mr Deora told reporters after a meeting of the Parliamentary Consult-ative Committee here.
Mr Deora said no concrete decisions were taken at the meeting which discussed various matters on the heavy losses incurred by the oil marketing companies.
“Some members suggested fuel price hike as the oil companies are making heavy losses ... We would not like to increase the fuel price ... But sometimes it is not possible as 80 per cent of oil imported is consumed,” he said.
He said that MPs have also urged the government to provide some subsidy to the oil companies to cover the losses. The oil secretary, Mr S. Sundareshan, said, “If the price of oil, LPG and petrol does not go in tandem with crude ... it is difficult to say at what price we require to increase the price (of fuel).” — PTI