News APP

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  gplay

Rediff.com  » Business » Petro prices should be raised: Shashi Ruia

Petro prices should be raised: Shashi Ruia

Source: PTI
June 18, 2009 14:00 IST
Get Rediff News in your Inbox:

Essar Global Ltd chairman Shashi Ruia has said the government should jack up prices of petrol and diesel sold by state-run retailers keeping with the rally in international crude oil prices.

"Rising crude prices will certainly affect us. If it keeps increasing this way, the government should raise prices of petrol and diesel," Ruia told reporters in Mumbai.

Oil has doubled from $36 per barrel in January to about $70-72 per barrel now on expectations that the worst of the global economic slowdown is over.

Essar Oil, part of a $22-billion conglomerate, on June 16 hiked prices of petrol by Rs 1-2.50 and diesel by Rs 1-2, prior to which it sold the fuels at rates at par with PSU firms IndianOil, Bharat Petroleum and Hindustan Petroleum.

"It is our request to the government that retailers like us should also be given petro-bonds like the PSUs. We should be treated at par with the state-run oil firms," Ruia said.

Oil PSUs sell fuel below market rates and are subsidised by the government in the form of oil bonds.

Private retailers such as Reliance Industries and Essar Oil could not compete with the subsidised rates and thus incurred losses.

Ruia also wanted the government to bring in safeguard duties for the steel sector.

Get Rediff News in your Inbox:
Source: PTI© Copyright 2024 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.
 

Moneywiz Live!