Government has no immediate plans to increase the prices of petrol and diesel. But fuel price increase is imminent as global crude oil prices have reached $80/barrel. Increase in fuel prices is likely in February which will be taken based on recommendations of the Kirit Parikh Committee. Earlier finance minister had announced Rs.12,000 crore compensation to cover the losses made by fuel companies. This compensation is inadequate as the companies (Indian Oil, Bharat Petroleum Corporation and Hindustan Petroleum) incurred around Rs.20,872 crore loss on selling cooking gas and kerosene alone in April-Dec 2009.
Officials in oil ministry said that “The companies will require more compensation to close this financial year in profit”. A large part of the compensation (around Rs 7,100 crore) will go to the largest retailer IOC. Other two OMCs, BPCL and HPCL, will get Rs 2,370 crore and Rs 2,529 crore, respectively. Oil ministry has accepted this compensation as part-payment for 2009-10 and expects finance ministry to pay adequate compensation to cover the losses made by the companies.
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