In what can be taken as a relief to all the owners of automobiles, two wheelers and four wheelers, Petroleum Minister S Jaipal Reddy had cleared the rumors of a reported petrol price hike saying that they had no immediate plans to raise the prices of fuel. He also added that the final decision rests with the Cabinet when to reduce the government subsidies on the diesel, cooking gas (LPG), and kerosene.
Earlier according to several reports which mentioned that Oil Marketing Companies owned by the government were losing as much as Rs 560 crore per day with the high subsidies being offered.
They also said that they would increase the price of petrol by as much as Rs 5, which would have been one of the steepest increases in the recent times, which would come into effect on Saturday. They also mentioned that the prices of diesel, cooking gas and kerosene were to be increased next week on the return of Congress leader Sonia Gandhi on September 10 after her medical test.