New Delhi:State-run refiners hope to work out rules for setting market-driven prices of fuel across the country by mid-July, two sources directly involved in the process said on Wednesday.
Last month government granted autonomy to oil firms to fix retail prices of gasoline and raised prices of diesel, kerosene, and cooking gas. It also said that diesel prices would eventually be market-determined but gave no time frame.
Officials of state-run refiners will meet on Thursday, followed by a meeting with private-sector firms the following day, one source said.
“There are many issues that we will discuss. We will certainly be discussing the periodicity to revise the retail prices and arrangements to buy fuel from other refiners under the new system,” he said.
The second source said the norms were expected to be ready by 17 July. “Then we will submit our views to the oil ministry,” he said.
On Monday, opposition parties had shut down parts of the country in a nationwide protest against higher fuel prices, but analysts said the government was unlikely to back down on efforts to cut subsidies and trim a budget deficit.