Oil Minister Jaipal Reddy has indicated that a decision could be taken next week when Sonia Gandhi returns from her foreign trip.
New Delhi: The Centre may finally bite the bullet and hike fuel prices soon. Oil minister Jaipal Reddy speaking on Friday, though, ruled out an immediate hike, but he warned of painful decisions that need to be taken.
The Oil Ministry has circulated a Cabinet note on fuel price hike. Finance minister P Chidambaram is reportedly pushing for a hike in fuel prices. A final decision will be taken after UPA Chairperson Sonia Gandhi returns from her foreign trip next week.
Oil companies have been pushing for a Rs 5 hike in petrol prices. They also want a hike in diesel, LPG and kerosene prices.
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