Oil prices have been increasing and has reached $96 per barrel in international market. So, it is for prime Minister Dr. Manmohan Singh to decide on whether or not to increase the oil prices. Congress does not want to increase the prices due to coming elections in gujrat and himachal pradesh. But, it has to take an action as loss of oil marketing companies is rising as told by Murli Deora, petroleum and natural gas minister.
The options that government at present has is to sell more oil bonds, cut the excise duties on petrol and diesel or cut the custom duty on crude. Petroleum ministry is pressing to cut excise duties by 2 Rs on petrol and 1 Rs on diesel.
The options that government at present has is to sell more oil bonds, cut the excise duties on petrol and diesel or cut the custom duty on crude. Petroleum ministry is pressing to cut excise duties by 2 Rs on petrol and 1 Rs on diesel.
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