Concerned over the huge losses to oil PSUs including Indian Oil Corp in the absence of suitable revision in petro product prices, Petroleum Minister Mani Shankar Aiyar on Monday said he would raise the issue at the Union Cabinet.
"I don't know what will happen in future but what has happened (the losses of oil companies) on that I can only place the facts before the Cabinet", Aiyar told news persons in New Delhi, adding these losses were anticipated.
"It concerns us very greatly... these losses were anticipated, we knew that these losses were going to take place when we found that no price revision was possible throughout the month of April and May and nearly three weeks in June.. so inevitably these losses have taken place.
"But the more worrying part is that in July after we revised them, these companies (some of them) still appear to be posting losses and are facing difficulties in meeting their investment targets for capital expenditures," he said.
The petroleum ministry had brought all the relevant data to the notice of Prime Minister's Office and the finance ministry, he said, adding the situation was constantly being reviewed.
On the issue of revision of the oil prices in wake of these losses, he said, "the question of pricing is a politico-economic question that involves the whole of the Cabinet".
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