Ruling out the rumours of fuels price hike, Petroleum Minister S Jaipal Reddy Friday informed to media that government has no plan to hike the fuels prices.
Petroleum Minister said it on the sideline of an Indian Oil event in New Delhi.
However, the sources said that this hike can be deffered to maximum one fortnight and can shoot up when the ministry would review the rate.
Talking to media, Reddy said, "(There is) no immediate plans to hike oil prices now and cabinet will take final call on hiking fuel prices."
"It is my duty as a minister to bring out the facts in front of the Cabinet Committee of Political affairs…don't know when the CCPA will take up the issue," he added.
After the announcement of Reddy to not to make immediate hike in Petroleum prices, the shares of Oil Marketing Companies (OMCs) suddenly dropped to 3 to 2 percent.
Earlier, due to rising price of crude oil in the international market, the OMCs was bearing huge loss and it was expected that the prices of Petrol can jump up to Rs.5 per litre while there are also chances of price hike in diesel, LPG and kerosene too.
--With Agencies Inputs--
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