NEW DELHI, June 17 (Reuters) - India may not raise auto fuel prices until the average price of crude oil for domestic consumption breaches $70 per barrel, the Economic Times newspaper reported on Wednesday, quoting the oil minister.
'The government is unlikely to raise auto fuel prices immediately. It (rising prices of global crude oil) is certainly a matter of concern, but a fuel prices hike will be considered only when the average crude price reaches $70 a barrel,' the paper said, quoting Murli Deora.
According to Reuters calculations, the Indian crude oil basket was at $69.58 a barrel at 0504 GMT.
Deora also told the paper that the government cannot shield consumers for ever from rising global oil prices.
(Reporting by Mayank Bhardwaj; Editing by Michael Urquhart)
((mayank.bhardwaj@thomsonreuters.com; Tel: +91-11-4178-1019 Reuters Messaging: mayank.bhardwaj.reuters.com@reuters.net)) Keywords: INDIA FUEL/ (If you have a query or comment on this story, send an email to newsfeedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
'The government is unlikely to raise auto fuel prices immediately. It (rising prices of global crude oil) is certainly a matter of concern, but a fuel prices hike will be considered only when the average crude price reaches $70 a barrel,' the paper said, quoting Murli Deora.
According to Reuters calculations, the Indian crude oil basket was at $69.58 a barrel at 0504 GMT.
Deora also told the paper that the government cannot shield consumers for ever from rising global oil prices.
(Reporting by Mayank Bhardwaj; Editing by Michael Urquhart)
((mayank.bhardwaj@thomsonreuters.com; Tel: +91-11-4178-1019 Reuters Messaging: mayank.bhardwaj.reuters.com@reuters.net)) Keywords: INDIA FUEL/ (If you have a query or comment on this story, send an email to newsfeedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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