An immediate hike in prices of petroleum products, including petrol and diesel, was not under consideration of the government, Union Minister for Petroleum and Natural Gas Murli Deora said in Thiruvananthapuram on Thursday.
Though the international crude prices were going up, the United Progressive Alliance government's approach was that the subsidy on petroleum products should continue as in the case of food and fertilisers, Deora told a press meet.
The proposal to float oil bonds totalling Rs 25,000 crore (Rs 250 billion) to offset the deficit of the public sector oil companies due to increase in crude prices was expected to come up before the Cabinet shortly,