Govt not to hike oil prices

The government is not considering revising petrol and diesel prices despite a sharp rise in oil rates in international markets, as the devaluation of dollar against rupee has helped neutralise the global impact. 

"The situation is not worrisome now," Petroleum Minister Murli Deora said when asked to comment on the crude oil prices jumping to USD 78 per barrel.

"There is no distress situation as the strengthening of the rupee against the dollar has helped us... the dollar has devalued (against the rupee) by about 10 per cent," he said.

The dollar devaluation has seen revenue loss incurred by state-run oil firms on fuel sales trimming to about Rs 96 crore per day from Rs 124 crore a day in the first half of October.