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Sep 02, 2013 at 10:40am IST

Opening petrol pumps only for 12 hours a day will create panic: expert

New Delhi: The Oil Ministry has proposed austerity measures to cut fuel consumption. Under the new proposals, 24-hour petrol pumps in cities could be done away with and replaced with petrol bunks that are open only from 8 am to 8 pm.

While experts call it an 'ill-advised' idea and may create panic in the market, may say this may lead to black-marketing. "This idea to keep petrol pumps closed from 8 pm to 8 am is a very ill advised idea. It's not going to work. This idea if implemented will create black market and panic. You can put some night surcharge but don't stop selling it," said petroleum sector analyst Narendra Taneja.

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The decision, meanwhile, has not yet been finalised and will be announced later. At present the government has no role in deciding the timings of petrol pumps.

Prime Minister Manmohan Singh had asked Oil Minister Veerappa Moily to save $ 25 billion in the current financial year from oil imports. Moily had earlier suggested a further increase in fuel prices to the Prime Minister and Finance Minister.

The proposal comes after fuel prices were hiked across the country with petrol prices being raised by Rs 2.35 per litre and diesel by 50 paise per litre.

As Parliament reconvenes on Monday, the government is set to face opposition heat over the fuel price hike. Sources have told CNN-IBN that Leader of Opposition Sushma Swaraj and Samajwadi Party chief Mulayam Singh have conveyed to Parliamentary Affairs Minister Kamal Nath that they want a discussion on the hike.