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| Govt may decide on freeing petrol |
| Govt may decide on freeing petrol pricing this week
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| INDIA
, 1-February-2010
3:31:16 AM |
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The Government may decide on freeing petrol and diesel prices after an expert committee on fuel pricing submits its report this week, Petroleum Minister Murli Deora said.
Finance Minister Pranab Mukherjee is believed to be in favour of giving state-run oil firms freedom to fix price of petrol and diesel in step with cost, as he feels the current moderate global oil rates may be the last window India has to deregulate fuel pricing.
"We are trying our best to see that prices are not raised," Deora told reporters.
But a rate hike may become inevitable as government's limited financial resources are not enough to meet the revenue lost on selling petrol, diesel, LPG and kerosene below cost.
"(The Cabinet had in July 2009) decided that government will meet all of the under-recovery (revenue loss) on domestic LPG and kerosene either through bonds or in cash and the same on petrol and diesel was to be met by upstream companies like ONGC," he said.
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