New Delhi: Indian Oil Minister Murli Deora made an announcement this morning confirming that a ministerial panel on fuel pricing will be meeting on 17January to discuss a response to record global crude oil prices.
“The first meeting of the panel is on 17January. Once the panel decides on a solution, the recommendations will go to the cabinet for approval,” Deora told Reuters but did not give any details.
India caps retail prices of widely consumed fuels to protect the poor and keep inflation under control. It did not increase prices of petrol and diesel in 2007 despite global crude prices jumping by more than half over the year and hitting record highs.
India imports two-thirds of its crude oil needs.