NEW DELHI: The government is believed to be considering decontrolling petrol prices, a move that may see rates being hiked by Rs 16-17 a litre, but diesel will continue to be sold at a subsidised price.
The relentless rise in international oil prices that last week touched an all time high fo 135 dollars a barrel has forced the government to mull options to save state-run firms, which expect a revenue loss of Rs 200,000 crore this fiscal on sale of petrol, diesel, domestic LPG and kerosene.
"One of the options being considered is deregulating petrol prices," an official said. "The country's preferred auto fuel diesel will, however, continue to be subsidised even though a marginal Rs 2-3 a litre hike in prices may be announced."
Petrol is currently being sold at a loss of Rs 16.34 a litre and diesel at Rs 23.49 per litre.
Deregulating petrol price would mean that its prices would move in tandem with international prices.
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