India Minister: Will Review Gasoline Rates In A Few Days
05/25/2012| 09:13am US/Eastern
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India's oil minister said Friday that a decision will be taken on gasoline rates in a few days, as the federal government continues to face a barrage of criticism from political parties and consumers over the steepest-ever increase in the price of the fuel.
"We will review prices in next few days. When I say next few days, I mean next few days, and not few weeks," Jaipal Reddy told a news conference.
The minister didn't specify whether gasoline rates will be cut, but said the recent increase was necessary due to a weak Indian rupee and higher global crude oil prices.
State-run fuel retailers--Indian Oil Corp. (530965.BY), Bharat Petroleum Corp. (500547.BY) and Hindustan Petroleum Corp. (500104.BY)--Thursday raised the price of gasoline by 11.5%. Consumers will now pay INR73.18 a liter at New Delhi gasoline stations. The rates vary across India due to local taxes.
The retailers said Thursday that they will review gasoline rates on June 1 and will trim prices if global benchmark rates decline and the rupee strengthens.
-By Rakesh Sharma, Dow Jones Newswires; +91-11-4356-3305; santanu.choudhury@dowjones.com
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