The next few days can see the rise in fuel prices. The Petroleum Ministry will make an official announcement soon, it is expected. Meanwhile, the ministry sources say that the fuel prices will be deregulated and the price will be not controlled by the ministry once this happens.

The ministry also promised some subsidies on the fuel price so that the common man is not burdened by the increase in price.

Petroleum Secretary RS Pandey said, “It is true that the oil marketing prices are under pressure. Somebody has to pay for it. Since it is an inter-ministerial matter, it is for them to decide that who will pay and to what extent. There is a thinking that it needs to be de-regulated and aligned in line with international prices. To what extent burden will be passed on to consumer, on this, the decision is yet to be taken.”

It was also made clear that the petrol and diesel prices would be deregulated but kerosene and LPG price will not. The measure is taken to control the loss incurred by Oil companies in the wake of global crude price rise.