Minister says no fuel price hike

The Government has said that prices of fuel in the local market will not be increased in line with the rising international prices.

Petroleum Minister Susil Premajayanth observed that a barrel of crude oil has risen up to US$ 91 in the international market.

Crude oil traded at US$ 90.80, highest since October of 2008, on Wednesday while diesel has seen an increase in prices from US$ 91 to US$ 102 per barrel.

Nevertheless, the government has decided not to increase the local fuel prices and pass the burden to the consumers.

China hiked the state-controlled gasoline and diesel prices by about 4 percent while India raised oil prices by 6 percent and seeking approval from a ministerial panel to raise diesel prices.