Fuel prices likely to be raised, says Deora India News and Travel Times Provides India-centric and other News and Features

Union Petroleum Minister Murli Deora has said he will review petrol and diesel prices in the next 15-20 days. Talking to reporters on the sidelines of a function here on Tuesday, Deora said, " The oil prices have gone up lately. Give us some time. We will meet, talk and review and will come to you." The Minister also said that an Empowered Group of Ministers (EGoM) headed by Finance Minister Pranab Mukherjee has been constituted to allocate natural gas from the company's field to new users. Deora had in August requested the Prime Minister's Office for a new EGoM but the formal constitution was delayed. India unexpectedly raised gasoline and diesel prices by as much as 10 percent on July 1, its first increase this year. Public sector refineries, which sell petrol and diesel at state-set rates but buy crude oil at market rates, are seeking higher fuel prices as crude costs have surged nearly ten dollars a barrel since October.