Oil ministry considering partial rollback of price hike in bulk diesel
New Delhi: The oil ministry is considering a partial rollback of bulk diesel prices as sales have dropped significantly, oil secretary Vivek Rae said on Thursday.
India has asked bulk buyers to pay market rates for diesel since last January and has also been raising the price of subsidised diesel in small amounts every month in an effort to cut its ballooning fuel subsidies.
"We are circulating the Kirit Parikh report for inter-ministerial consultation," Rae told reporters on the sidelines of an industry event.
He also said there was a need to review the subsidy sharing mechanism to ensure that upstream companies get about USD 65 a barrel on sale of crude oil.
Indian explorer Oil and Natural Gas Corp has long complained that its realisations on oil sales are much lower than what it needs to maintain production.
More from India
More from World
More from Sports
More from Entertaiment
- Cortana for Android available for public beta in US
- Xiaomi Redmi 2 Vs Redmi 2 Prime: Specification comparisons
- Middle class woes to continue, wholesale onion price shoots up to Rs 57 per kg
- Alleged land encroachment in Greater Noida: HC asks DM to decide representation in 3 months
- Watch: Review of Mahindra TUV300