Oilcos free to review petrol prices, says Secy

NEW DELHI: India’s state-run oil firms are free to review petrol prices, in line with the government’s policy decision last year, Petroleum Secretary S Sundareshan said on Friday, responding to reports that the oil ministry had asked oil companies to freeze petrol rates.

The government controls the prices of diesel, cooking gas and kerosene to control inflation and protect the common man from sudden spikes in energy costs. Brent crude oil has soared to $112 a barrel after touching a two-and-ahalf-year peak of nearly $120 on Thursday, renewing calls from oil companies for a revision in diesel rates.

Diesel rates have not been revised since June last year, when crude oil price swere about $70 a barrel. International oil prices have soared in recent weeks because of unrest in key oil producing countries in the Middle East and Africa.

After unrest in Egypt, which threatened oil shipments in the Suez Canal, protests have spread to Libya, which is an oil producer.