New Delhi: There is no respite from the rising crude oil prices. But despite the boil globally India will be insulated for at least three months.
As oil prices continue their journey north, Indian consumers may soon have to deal with another fuel price hike. Oil Ministry officials say a review of the situation is in the offing.
Petroleum Secretary M Srinivasan says, "We will revisit the question or we will take stock of the situation in October. So we do not expect any immediate price revision between now and October."
Crude has crossed $145 a barrel, fuelling inflation and dampening growth prospects worldwide. And it is seriously bleeding India's state-owned oil companies.
A worried Centre is now desperately seeking ways to bail them out.
Union Petroleum Minister Murli Deora says, "Oil marketing companies have lost much money. This year there's short recovery of Rs 2.45 lakh crore. That is why we have increased prices of LPG, petrol and diesel. We are trying our best so that these companies don't lose more."
Unless the crude oil prices come down in a hurry, the government will be left with little choice but to slash subsidies.
So come October, driving around could become an even more costly affair.