Cabinet may raise petro prices today
THE Cabinet may review prices of petroleum products on Thursday that may result in a marginal increase of petrol and diesel prices. The petroleum ministry is in favour of raising petrol price by Rs 2 a litre and diesel by Re 1 a litre. Oil prices have been volatile through the year and has been hovering around $91 a barrel this week. This has put major pressure on public sector oil companies whose under-recoveries is estimated at Rs 71,800 crore in 2007-08.