Jaipal Reddy meets PM to push for diesel, LPG price hike

With the losses of oil firms mounting with each passing day, Oil Minister S Jaipal Reddy on Tuesday met Prime Minister Manmohan Singh to push for an early decision on raising diesel and domestic LPG prices.

An Empowered Group of Ministers (EGoM) headed by Finance Minister Pranab Mukherjee, which decides on revising rates of the sensitive products, has not met since June last year even though crude oil prices have spiralled upward by about 50 per cent.

Reddy, who last week met Mukherjee to push for a fuel price hike, on Tuesday discussed with the Prime Minister the Rs 450-crore-per-day that state-owned oil firms lose on selling diesel, domestic LPG and kerosene at government-controlled prices, sources in-the-know of the development said.

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