NEW DELHI (Commodity Online) : Fuel prices in India is likely to go up this week as a ministerial panel is considering a Committee report that calls for decontrol of fuel prices.
The Empowered Group of Ministers are likely to take decontrol decision which may result in prices to go up by Rs 3.35 per litre, which being the difference between the retail price and imported cost.
Domestic LPG rates are also to climb by Rs 25-50 per cylinder, besides considering raising kerosene prices marginally.
Decontrol of auto fuel prices has become easier for the government after international crude oil prices fell over $10 to quote at $72-74 a barrel.
India's state-owned Indian Oil Corp, Hindustan Petroleum and Bharat Petroleum currently lose Rs 203 crore per day on selling fuel below imported cost.
They currently sell petrol at a loss of Rs 3.35 a litre, while that for diesel is Rs 3.49, Rs 18.82 for PDS kerosene and Rs 261.90 for every 14.2-kg LPG cylinder.