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Government to deregulate diesel prices
Tuesday April 24, 2012 08:21:11 PM,
IANS
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New Delhi: The government has "in-principle"
agreed to deregulate diesel prices, but there is no such proposal
for cooking gas, Minister of State for Finance Namo Narain Meena
said Tuesday.
"Government has, in principle, agreed to make the prices of diesel
market-determined," Meena said in a written reply in the Rajya
Sabha.
"However, in order to insulate the common man from the impact of
rise in international oil prices and the domestic inflationary
conditions, the government continues to modulate the retail
selling prices of diesel," he said.
Meena clarified that there was no proposal to make cooking gas
prices market-linked. "There is no proposal at present to fully
de-regulate cooking gas prices."
The minister informed the upper house of Parliament that the
government had made a budgetary provision of Rs.43,580 crore for
oil subsidies in 2012-13.
This includes Rs.40,000 crore for compensation to oil companies
for under recoveries on account of sale of petroleum products and
Rs.3580 crore for post-APM subsidies.
In 2011-12, the government borne an amount of Rs.65,000 crore oil
subsidies, which included under recoveries of Rs.20,000 crore of
fourth quarter of the previous year (2010-11), the minister said.
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