Date:01/11/2004 URL: http://www.thehindubusinessline.com/2004/11/01/stories/2004110101730100.htm

Back No hike in petrol, diesel prices for a fortnight

Our Bureau

New Delhi , Oct. 31

THE prices of petrol and diesel would remain unchanged for another fortnight with the Government today directing oil companies to put on hold any plans for a hike.

"Prices are not being raised today," the Petroleum Minister, Mr Mani Shankar Aiyar, told presspersons here.

Mr Aiyar said excessive volatility in the international oil market, which has seen crude touch a record high of $56 a barrel earlier this month, was perhaps influenced by measures the US was supposed to take to check its fiscal and trade deficits, but could not be due to the upcoming Presidential elections. "There is a general perception that crude prices will ease (after the elections)," he said.

On whether today's decision to keep petrol and diesel prices unchanged was owing to the Left parties' demand, Mr Aiyar said "today being a Sunday, we have not got full opportunity to talk to everybody (on raising prices). Consultations will continue."

The Left parties, though not averse to a hike in petrol prices and a moderate increase in diesel prices, wanted the Government to hold the price for another fortnight.