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Align domestic petrol prices to global rates: President
Monday October 15, 2012 06:59:04 PM,
IANS
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New Delhi: President Pranab Mukherjee Monday called for a closer alignment of domestic
prices of petroleum products with global prices, saying it is in
the interest of both consumers and investors and necessary for a
sustainable future.
He said that for an over-8 percent growth during the 12th plan
(2012-2017), India has to ensure a better demand management,
maintaining a balance between energy consumption and its cost and
availability.
"In the present international environment of rising petroleum
prices, greater alignment of prices to global prices is in the
interest of both consumers as well as investors," Mukherjee said
inaugurating the international Petrotech 2012 conference here.
In June 2010, the government decontrolled petrol price and has
said it would free diesel rates in a calibrated manner.
"Just like the financial markets, the world energy markets are
inherently global and interdependent, and no single country can
isolate itself from the market," the president said.
The president said the government is committed to a time-bound
programme to achieve the alignment between domestic and
international market prices.
"I expect the industry to play a helpful role in achieving the
government's objectives," he added.
The president also called for country-wide gas pipeline
transportation infrastructure.
"The government is also currently extending full support to
companies acquiring overseas oil and gas assets and imports of
LNG. It would, in this context, be necessary to accord due
priority to the development of a countrywide gas pipeline
transportation infrastructure."
Speaking at the inaugural session, Petroleum Minister S. Jaipal
Reddy said the government plans to unveil in a few months a new
oil exploration policy which would be more investor-friendly.
Reddy said a committee, headed by the prime minister's Economic
Advisory Council chairman C. Rangarajan, is looking into
improvements in the exploration policy as well as the terms of
contracts signed by companies to explore and produce oil and gas.
The previous nine bid-rounds under the New Exploration Licensing
Policy (NELP) had seen lukewarm international response because of
issues like tight regulations on pricing as well as delays in
getting approvals.
Exploration companies have issues with the lack of pricing and
marketing freedom as well as fiscal stability. The government
controls both fixing of natural gas price as also nominates buyers
and quantities to be sold to them.
Current Production Sharing Contracts (PSCs) provide for explorers
to first recover all of their capital and operating expenditure
from oil and gas revenues before sharing profits with the
government under a specific formula.
Reddy said the government has so far awarded 254 blocks for
exploration in nine rounds of NELP, which have yielded 114
hydrocarbon discoveries.
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