India: Government Downplays Review of Petrol Retail Deregulation
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Monday, 27 July 2009 |
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The Indian government is not considering a proposal to free controls on
retail prices of petrol and diesel, according to junior oil minister
Jitin Prasada.
"At present, there is no proposal to free petrol and diesel price in
the country," Prasada said in a written reply to a question in
parliament. The government sets prices at which retail fuels can be
sold, and partially compensates state-run oil firms for the lost
revenue. Earlier this month, the government increased retail fuel
prices by as much as 10 percent.
Oil marketing firms were projected to suffer revenue loss of 492.7
billion ($10.2 billion) in the fiscal year to March 2010 on sales of
petrol, diesel, kerosene and cooking gas, the minister said in a
written reply to a separate question. The government was closely
monitoring international oil prices.
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