NEW DELHI: The government Tuesday ruled out the possibility of reduction in the prices of petroleum prices at present as the situation was still very volatile and there was no certainty about prices stability.
Minister for petroleum and chemicals Satya Prakash Malviya said in Lok Sabha (lower house) that prices of major petroleum products like SKO (superior kerosene oil) were still quite high in the international market.
Malviya said that even though the price of crude oil in the international market had come down after the start of the Gulf war the situation was still very volatile and there was no certainty about prices stability.
He however said that no impact has been felt so far on the availability of petroleum products in the country on account of the Gulf war.
The minister said that a Gulf surcharge of 25% was imposed on domestic prices of petroleum products (except domestic LPG) from mid-October 1990.
The direct and indirect impact of this surcharge on the whole-sale price index has been estimated to be around 1.5% he said.
Article extracted from this publication >> March 8, 1991
