Indian Government Raises Petrol and Diesel Prices in the Domestic Market
Posted on: Wednesday, 7 September 2005, 09:00 CDT
Indian Government raises Petrol and diesel prices in the domestic market
NEW DELHI, Sept. 6 (Xinhua) -- The Indian government Tuesday announced a hike in the prices of petrol and diesel in the country. However, the prices of cooking gas and kerosene remained unchanged.
Indian petroleum and natural gas minister Mani Shankae Aiyer made the announcement after the meeting of the Indian cabinet Tuesday. While the petrol will be 3 rupees higher a liter, diesel prices have been hiked by 2 rupees a liter.
The government was under tremendous pressure from the domestic oil companies to jack up the prices of the petroleum product in view of the spiraling crude prices in the international market.
India imports 70 percent of its crude, and any rise in the crude prices at the international market directly affects the domestic oil companies.
US light crude hit a record 70.85 US dollar a barrel last week. The average price so far this year is 54.53 US dollar a barrel, up about 30 percent on the 2004 average of 41.47 US dollar a barrel.
This is the second time in the year when the Government has been forced to increase oil prices in the country. In June this year also, the Government had hiked the oil prices by seven percent.
Source: Xinhua News Agency - CEIS
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