Fuel price rise unlikely if crude remains below USD 70

Petroleum Ministry may not hike fuel prices as long as the average crude rates is below USD 70 a barrel, reports Economic Times.

This was noted by petroleum minister Murli Deora who said that there may not be a hike if the (average) price of crude doesn`t go above USD 70 a barrel. ``We are working on a solution to not increase prices,`` he added.

Oil price has doubled from USD 36 a barrel in January to about USD 70 to USD 72 a barrel now in the global markets.

Earlier this week, the oil minister had said rising crude prices was a `serious concern` and raising petrol and diesel prices was on cards.