Ahead of the much anticipated meeting of a high power panel of ministers, Oil Minister S Jaipal Reddy on Friday said his ministry has made no specific proposal on increasing auto and cooking fuel prices.
Reddy said only a detailed analysis of the scenario developing from spike in rates of international crude oil, on which India depends on to meet more than three quarters of its energy needs, has been submitted to the Empowered Group of Ministers (EGoM).
"My ministry has given no proposal (on fuel price hike or duty reduction) to the EGoM," Reddy said.
"We have offered an analysis and the same will be discussed at the EGoM meeting at 1 pm (1300 hrs) on Friday."
"Nothing (on quantum of hike in diesel, domestic LPG or kerosene price as well as reduction in customs and excise duties) has been circulated. Any speculations (on these) is unfounded," he added.
Besides Reddy, the EGoM headed by Finance Minister Pranab Mukherjee includes Agriculture Minister Sharad Pawar, Power Minister Sushilkumar Shinde, Road Transport Minister C P Joshi, Chemical and Fertiliser Minister M K Alagiri and Planning Commission Deputy Chairman Montek Singh Ahluwalia.
State-owned oil firms are together projected to lose a whopping Rs 1,66,712 crore (Rs 1,667.12 billion) in revenues this fiscal on selling diesel, domestic LPG and kerosene at government-controlled rates, which are way below the market price.
The EGoM will deliberate on measures including an increase in the retail price, duty reduction and government subsidy, to tackle this loss.
Oil firms currently lose Rs 15.44 per litre on diesel, Rs 27.47 per litre on kerosene and Rs 381.14 on the sale of every 14.2-kg domestic LPG cylinder.