Government trying its best to control oil prices, says Murli Deora

New Delhi, Feb. 01 (ANI): Union Petroleum Minister Murli Deora said on Monday that the government was trying its best to curb a rise in petrol and diesel prices in the country.

Deora further said that fuel prices will not be increased till the Kirat Parikh Committee, which was instituted for making recommendations on carrying out reforms in the oil sector, including price mechanisms, submitted its report.

"The government is very worried about increasing prices. If the prices of diesel increases by even two rupees, it will have a cascading effect on all other items," said Deora.

Deora is scheduled to meet Union Finance Minister Pranab Mukherjee on Tuesday to discuss about compensation for losses incurred by oil marketing companies, which have been selling fuel at subsidised rates.

The losses incurred by these oil-marketing companies in this fiscal year, amount to rupees 430 billion. (ANI)