Minister says no fuel price hike

Friday, 24 December 2010 00:44 - - {{hitsCtrl.values.hits}}

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.