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| Govt partially de-regulates diesel prices, hikes LPG cap | | | Agencies
New Delhi, Jan 17: The UPA government today partially deregulated diesel prices by announcing that henceforth, the price of the fuel would be decided by oil marketing companies (OMCs).
Petroleum Minister M Veerappa Moily told reporters today that OMCs have been authorised to make price correction of diesel from time to time as per market conditions. However, this price correction would be in small amounts, he added.
Moily said that the oil companies have been permitted to raise diesel prices by a small quantum periodically till such time that they are able to cover Rs 9.60 per litre loss they incur on the fuel. Moily also informed that the annual cap on subsidised LPG cylinders would be hiked from the current six to nine.
Consumers will get a quota of five subsidised cylinders between Septem-ber 2012 and March 2013 and from April 1, 2013, they will be entitled to nine cylinders per annum.
The cap would be raised from the next fiscal year beginning April 2013, the minister added. The minister meanwhile said that the government did not take any decision on raising the prices of diesel, LPG cylinders and kerosene as recommended by the Oil Ministry. A TV news channel reported that the government had yesterday sought permission from the Election Commission to increase the cap on LPG cylinders. |
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