Speculations begin, as the Govt is set for a hike in Fuel Prices

Speculations and rumours are doing round ahead of a possible hike in fuel prices to be taken by the UPA government today or tomorrow. According to sources, there is a near unanimity over the hike among the UPA partners and the Left. However, Left may still oppose any hike in public view.

While the Petroleum Ministry has proposed a Rs. 10 hike in petrol prices, Rs. 5 hike in diesel prices and Rs. 50 hike in gas prices, the government may settle for a Rs. 3- 4 hike in petrol prices and Rs. 2 - 3 hike in diesel prices. The gas cylinder prices may be hiked by Rs. 10 - Rs. 20 or nil. The government may announce a cut in customs and excise duties on crude imports. It might also issue oil bonds. It is also speculated that branded oil prices may witness a sharp hike.