New Delhi: Fuel price hike seems to be bothering both people and the ministry on equal paraphrase. Price hike is inevitable and the petroleum ministry is working on it closely.
Taking the course of action one step forward, Union Petroleum Minister Murli Deora on Monday said that a decision on the fuel price hike will be taken at the Group of Ministers meeting on January 17.
"On January 17, the Group of Ministers (GoM) meeting under the Chairmanship of Pranab Mukherjee is taking place in Delhi. That time, it will be decided," PTI quoted Deora as saying.
He, however, said it was not possible to say at this point of time whether the fuel price would be hiked or lowered.
"Nobody can say today or just now, what will happen to the price, whether increased or not or how much would be hiked," he added.
Deora was talking to reporters after inaugurating the 7th International Conference and Exposition of Society of Petroleum Geophysicists here.
Asked about the drilling holiday sought by the exploration companies, Petroleum Secretary M S Srinivasan said a decision on the request was likely to be taken in a fortnight's time.
"All the major exploring companies have made a request for holidays, as they are finding it difficult to get drills in time," Srinivasan said.
"Based on the combined request and also the data which we have collected, we are examining the issue and with the approval of the Minister, we are likely to take a decision within the next fortnight," he said.
Earlier, in his inaugural address, Deora said government has taken several steps like increasing exploration and production activities and acquiring oil and gas assets abroad for the energy security of the country.
With exploration and development efforts made under the NELP policy of the government, natural gas production in the country is likely to double by the end of 11th Five Year Plan, from the present level of production of about 87 million standard cubic metres per day.
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