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Govt to reform fuel price, ensure affordable supply

Govt to reform fuel price, ensure affordable supply
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First Published: Wed, Jun 10 2009. 02 40 PM IST
Updated: Wed, Jun 10 2009. 02 40 PM IST
New Delhi: The government is committed to reforms in fuel pricing but it wants to ensure affordable fuel supply, petroleum secretary RS Pandey told reporters on Wednesday.
“Deregulation is an inter-ministerial issue. The government is committed to reforms and we have to make sure that people get fuel at affordable rates,” he said.
Last month, the Prime Minister Manmohan Singh’s government, which was voted back to power, said it may eliminate diesel and petrol subsidies as soon as July.
The government fixes the price of petrol and diesel and compensates state refiners, such as Indian Oil Corp, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd, by supplying domestic crude oil at a discount and by issuing bonds to shore up their balance sheets.
Reliance Industries, which began producing natural gas from its deep-sea fields off the east coast this year, had raised production to 26 million metric standard cubic metres a day (mmscmd), and would raise it to 40 mmscmd in 15-20 days, Pandey said.
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First Published: Wed, Jun 10 2009. 02 40 PM IST
More Topics: Oil | Crude | Petrol | Subsidy | Reforms |