The government on Friday ruled out an immediate increase in petrol and diesel prices in line with rise in international oil prices.
Concerned over crude oil prices touching a record $64 a barrel in the international market, Petroleum Minister Mani Shankar Aiyar on Tuesday said the Cabinet will decide on raising domestic fuel prices in line with the spurt.
India's oil product consumption, an indicator of the state of economy, rose a massive 10.1 per cent in August to 7.5 million tonnes on back of increased demand for petrol and diesel.
Communist Party India on Thursday asked the government and the public sector oil companies to share the burden of the surge in crude oil prices and expressed the desire to be consulted before any final decision on fuel pricing is taken.
International crude oil prices may have eased but the government has no immediate plans to pass on the benefit to the consumers, as it wants to wait for the prices to stabilise further.
Petrol, diesel prices hiked by 40 paise
After today's reduction, petrol price has been cut by Rs 12.27 per litre cumulatively since August.
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