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Fuel price hike boosts PSU oil firms

Mumbai: Shares in state-run oil companies jumped on Thursday after an unexpected hike in government-set fuel prices raised hopes of a lower fuel subsidy burden for the companies. Late on Wednesday, Govt unexpectedly raised gasoline and diesel prices by as much as 10 per cent, its first increase this ye  ....Read more

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Finance Co-ordinatorBy: VASUDEVAN | Thursday , 2 Jul '09 12:58:39 PM Reply | Forward The present increase of POL prices seems to be the nexus between private oil companies and the union oil minister. When the crude price came down, the govt was claiming that the Companies had stocks purchased at old price and the price was not reduced according to market. The oil minister should have considered the same stock explanation now also instead of increasing the rate that too at a very high level. The govt should not have charged tax on the present increase to reduce the heavy burdon on the public. Now there is no opposition also like the left did in the last govt. But the Congress President should consider the public view when they have voted to Power for better ruling and better living. There should be a regulating committe to study the prices and recommend the prices that should ultimately be considered by the Panel of Ministers to declare the rate for POL.
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