New Delhi: Oil minister, S. Jaipal Reddy, hopes a ministerial panel to review prices of fuel sold at subsidised rates will convene before the next parliament session begins, which is likely to be on Nov. 22, he told reporters on Wednesday.
He said revenue losses of India's oil marketing companies because of sales at subsidised rates are expected to hover at 1.3 trillion rupees ($26.38 billion) in this fiscal year ending March 31, 2012.
India subsidises retail prices of diesel, kerosene and cooking gas but petrol prices were liberalised over a year ago.
The costs of these price caps have climbed as international oil prices have risen.
First Published: Wednesday, November 02, 2011, 14:30