00:06Big breaking news that's coming in right now, fuel price hike is likely very soon.
00:12Government sources telling us here on India Today that petrol and diesel prices may be raised by 4 to 5
00:20rupees per litre.
00:21Domestic LPG price may go up by 40 to 50 rupees per cylinder.
00:26Now a call on this possible hike is likely within the next one week, between 5 to 7 days.
00:32You can expect an announcement in this regard if the government decides to hike up fuel prices.
00:38Here's what we're picking up, that the fuel price could be hiked by 4 to 5 rupees per litre.
00:46The government highlighting the fact that crude oil prices are shooting up and that's imposing a fiscal burden.
00:53Reportedly, internal discussions are underway. Various options are being evaluated.
00:58Government sources saying that all efforts are being taken up to ensure inflation impact is minimized.
01:16Breaking news that's coming in right now.
01:19Sources telling us on India Today that a fuel price hike is likely very soon.
01:24So, unfortunate news that's coming in as a result of the West Asia conflict.
01:28You've got now information coming in. Sources to India Today saying the petrol and diesel prices may have to be
01:35raised by 4 to 5 rupees per litre.
01:37There have been several questions about whether this would be done.
01:39And there's no doubt that this will lead to speculation on the timing.
01:43That right after the elections have concluded, now there's talk of a fuel price hike.
01:48Let me bring in Chetan Bhutani of Business Today for more details on this.
01:52Chetan, is this inevitable that in the next 5 to 7 days there could be an announcement on fuel prices
01:57going up?
02:01Do you think the government is trying to push in the consumer or the arm out to ensure that the
02:05fuel price hike doesn't take place?
02:07Internal discussions and calibrations have been happening on what could be the best way to protect the consumer.
02:12But it's actually inevitable is what top government sources are telling us.
02:15Because oil marketing companies are facing a lot of fiscal strain for a very long time.
02:19Because they want to be recovering the money.
02:22Because right now we see 126 dollar crude settling down at 110 and any good oil above 80 dollars is
02:29actually a fiscal strain on the oil marketing company.
02:31So actually it seems inevitable.
02:33What sources are telling me is the fact that about 4 to 5 rupees per litre of retail fuel price
02:38could be done.
02:39Petrol and diesel hike could be in the range of about 4 to 5 rupees per litre.
02:42And cylinder, there which is cylinder unfortunately could be hiked by about 40 to 50 in the next 5 to
02:477 days and a formal announcement could come.
02:49But yes, sources for the timing are telling us that the hike is inevitable.
02:53But internal cushioning and retail inflation related pressures is what the government is very cognitive about.
03:00Explain something to me, Chetan.
03:00Chetan, you know this West Asia conflict has been going on for the last many weeks.
03:05And for the last many weeks there have been questions about whether this would happen.
03:08Whether fuel prices would be hiked.
03:10And the government all the time said no, we're handling it.
03:13We will ensure that the burden isn't passed on to the consumer.
03:16The timing of the decision, if it happens in the next 5 to 7 days, is something that's constantly being
03:22questioned.
03:23What is the government having to say about why now?
03:26Why is it the need of the hour now to have to increase prices if it wasn't a week ago?
03:30No, because what my sources are telling us is that it's nothing actually politically related.
03:34The government has been keeping a very close eye on the West Asia crisis.
03:38They have been expecting that peace should prevail and eventually the state of war most should open up
03:42because the war between the US and Iran has actually been weakening.
03:47Also, we've been getting signals.
03:48But the government is now thinking that it is becoming inevitable
03:51because the oil marketing companies are facing severe losses and they have to cover that up very fast.
03:56So, since they have been watching the West Asia situation
03:59and the situation doesn't really seem to be coming down as of now,
04:02though the government's levels are thinking about hacking a price as of now,
04:06trying to push in as much as possible.
04:08So, if yes, the sources are also mentioning that.
04:12Okay, all right.
04:13Chetan, thanks for those details.
04:14Brace yourself.
04:15Viewers, fuel price could be increased, hiked up in the next 5 to 7 days.
04:21Sources telling us it could go up petrol and diesel prices by 4 to 5 rupees per litre
04:26as will domestic LPG cylinder prices.
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