Minister urges steps to combat crude spike; to meet oil cos Fri

[K.Karthik Raja]

Minister urges steps to combat crude spike; to meet oil cos Fri
Thursday, May 22
.
NEW DELHI - Petroleum and Natural Gas Minister Murli Deora today
said
the government was very concerned about the sharp rise in crude oil
prices
and there was a need to take steps to protect state-run oil marketing
companies.
"We are very much concerned and some remedial measures have to be
taken,"
Deora told reporters.
The minister's comments in the wake of global crude oil prices
soaring to
an all-time high of over $135 a barrel on concerns over supply-demand
mismatch.
"We are discussing all possible measures to save our (oil-
marketing)
PSUs," Deora said.
The cumulative revenue losses of state-owned oil marketers are
estimated
to rise to about 2 trln rupees in the current financial year to March,
compared with 773 bln rupees.
The revenue loss is on account of subsidised sale of automobile and
cooking fuels.
Deora said the ministry will meet oil marketing companies Friday
to
review possible steps.