| Petroleum product prices are unlikely to be hiked at the upcoming meeting on price review of petroleum products on September 1.
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| The review meetings bring together government and government-owned oil marketing companies, who bear the brunt of high oil prices at their end, but are forced to sell at low prices to consumers.
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| The spurt in global crude oil prices warrant a Rs 6.31 hike in a litre of petrol, Rs 8.25 in diesel, Rs 18.69 per in kerosene and Rs 166 per cylinder of LPG. Oil-marketing companies were last allowed to increase retail price of petro products in June, this year.
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| Though crude prices have firmed up since, political sensitivities to increasing price of petro products is expected to see a status quo-ist approach being adopted.
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| Meanwhile, a senior petroleum ministry official has said that the petroleum ministry wants to schedule price review meetings every thr ee months rather than the current practice of monthly meetings.
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| The ministry proposal rides on requests from state governments who felt that a review four times a year would be more “convenient”. After all, no one would like to see revised bus tariffs every month, but they can be better absorbed if done every three months.
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| The petroleum ministry has also asked the finance ministry to reduce excise duty on petroleum products. |
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