Mumbai: The government will increase fuel prices next week, but would ensure that the weaker sections are not burdened by the hike, Petroleum Minister Murli Deora said on Saturday.
The proposed hike in petroleum prices is aimed at offsetting losses of oil Public Sector Units, which are losing over Rs 160 crore a day due to the government's freeze on raising retail prices of
fuel.
"The unprecedented hike in international crude prices, has forced us to revise the fuel prices. The oil-marketing firms are suffering a daily loss of around Rs 160 crore," said Deora.
"But, this hike will not be big and will be made after ensuring that weaker sections of the society are not much affected by this," he added.
Speaking at the inaugural function of the Lube Oil Base Stocks (LOBS) project at state-run BPCL's refinery, Deora said the Government is exploring various options, including duty cut on these products.
"We have held discussions with all political parties, including the Left and the BJP.
They have also made a few suggestions, which would also be considered," he said, adding that the Cabinet will take the final decision in this regard next week.
Asked what has been the Left's stance over the issue, Deora said,"The Left has made it clear that weaker sections should not be affected by this hike and we are working on this."
He said UPA Chairperson Sonia Gandhi has also asked the government to ensure the same.
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