Finance News

Cabinet to discuss oil prices Thursday - source

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NEW DELHI (Reuters) – The cabinet is expected to discuss a possible increase in retail fuel prices later on Thursday, a government source said.

"What else can the cabinet discuss. There is nothing more important than this," a cabinet minister, who did not want to be named, told reporters.

Ministers are also likely to consider duty cuts on crude oil or issuing more bonds to state oil firms, which are losing millions of dollars a day due to a surge in global crude rates while having to sell fuels at government-set, heavily discounted rates.