All factors to be considered before diesel price hike: Pranab

HALDIA - Union Finance Minister Pranab Mukherjee Saturday said the government will consider all factors before taking a decision on hiking the price of diesel.

“It is very hypothetical,” Mukherjee told mediapersons when asked to spell out the thinking within the government on raising diesel prices.

“A decision will be taken by the group of ministers and the cabinet. It will be discussed. Even the agenda of the discussion are confidential,” he said on the sidelines of the dedication ceremony of a new hydrocracker unit and capacity expansion of Indian Oil’s refinery in this East Midnapore district industrial town.

“When a decision will be taken, it will be taken considering all factors and the situations prevailing at that point of time. Decisions are taken considering all factors,” he added.

Urging the media not to press the panic button, he said the situation was difficult and the government would take whatever steps were needed.

The new 1.7 million tonne capacity hydrocracker unit would produce high-speed diesel conforming to BS (Bharat Stage) III and BS IV emission standards.

After the expansion, the capacity of Indian Oil Corporation Ltd’s (IOC) Haldia Refinery will go up to 7.5 million tonnes per annum from six million tonnes.

The estimated cost of the hydrocraker unit and the expansion is around Rs.2,869 crore.