Government is likely to hike prices of diesel, kerosene and cooking gas by 10-15 per cent by the weekend and lower import duty on crude and products to stem oil pool deficit, which might otherwise reach Rs 24,000 crore by year end on account of high international oil prices.x
Finance Minister Yashwant Sinha is believed to have had
detailed discussion with the Prime Minister Atal Bihari
Vajpayee on Wednesday and a final decision would be taken
after Petroleum Minister Ram Naik's return from Indonesia
on Saturday.
Vajpayee has already indicated a price hike in petro
products, saying that nation should be ready for hard
decisions in view of shooting international crude prices.
Government sources said that the efforts would be made
to contain the pool deficit between Rs 9000 crore to Rs 10,000
crore and a combination of price hike and duty adjustment
would be made to cover rs 14,000 crore deficit during the
fiscal.
Bureau Report
