Friday, June 25, 2010

Petrol And Diesel Prices Deregulated

In what is being seen as a step in the right direction, Government of India has announced partial de-regulation of fuel prices. Petrol and Diesel prices have been been liberated.

... the Government has decided that the pricing of Petrol and Diesel both at the refinery gate and the retail level will be market-determined.


This decision coincides with the government's announcement of increasing fuel prices - Petrol +3.5/litre, Diesel +2/litre, Kerosene +3/litre and LPG +35/cylinder.

EGoM has approved the request of the Ministry of Petroleum and Natural Gas after considering it for a long time. In wake of the rampant crude price hike in the international market, the Oil Marketing Companies have under-recovered to the tune of 53000 crores.