Week That Was July 12

No rethink on gas price hike decision: Veerappa Moily

Government`s controversial decision to double natural gas price will remain unchanged, Oil Minister M Veerappa Moily said despite Finance Ministry pushing for maintaining old rates for some of the gas of Reliance Industries.

"There is no thinking on part of the government for any review or reconsideration of the decision of the CCEA. Let me make it very clear. There is no confusion, there is no vagueness. And I don`t think there is scope for any interpretation whatsoever," Moily told a news conference here.

Ever since the government decision was announced on June 27, there has been criticism that it was made to benefit Mukesh Ambani-led RIL.

Finance Ministry on July 4 wrote to Oil Ministry asking it to take appropriate action on suggestions made in two media reports for putting a cap up to which rates can be raised, and RIL being forced to sell the quantity it had committed but failed to deliver in past three years at old rate of USD 4.2.

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