Petrol price hike: EGoM not meeting on Friday, says GC Chaturvedi

The empowered group of ministers (EGoM) that would decide raising diesel, kerosene and cooking gas rates is unlikely to meet on Friday, a senior oil ministry official said.

"There is no EGoM meeting on Friday," oil secretary GC Chaturvedi told reporters putting rest the market speculation that the ministerial panel would raise prices of regulated fuels from Friday.

Market was expecting another fuel price hike after state refiners raised petrol prices by a massive Rs 7.54 per litre on Thursday immediately after the end of the Budget session.

Oil secretary said state refiners were incurring huge revenue losses due to high international crude oil prices and depreciation or the rupee and the ministerial panel would meet soon to consider revising rates of regulated fuel products.

"No date has been fixed as yet," he said. State-run IOC, BPCL and HPCL are losing about Rs 13.64 per litre revenue on diesel, Rs 31.41/lt on kerosene and Rs 479/cylinder on cooking gas.

According to IOC, the estimated revenue loss of the three companies in 2012-13 is about Rs 186,000 crore.