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September 29, 2002 | 1947 IST
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Petrol, diesel prices may be hiked: Naik

Anand Mohan Sahay in Patna

Union Minister of Petroleum and Natural Gas Ram Naik on Sunday hinted at another hike in the prices of petrol and diesel soon 'in view of the increasing possibility of a war between the US and Iraq'.

Naik, however, ruled out any hike in the prices of LPG and kerosene.

But he also said that the government would try to cushion the hike by relaxing excise duties, as was done last June.

The oil companies would announce the hike in prices in October after consultations with the Union petroleum ministry, he said.

The price of petrol in the international market had risen by 50 per cent during the last six months and, following dismantling of the Administered Price Mechanism (APM), the domestic market would also have to act accordingly, he said.

Govt hikes petrol, diesel prices

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