Oil Ministry Considering Partial Rollback of Price Hike in Bulk Diesel
January 9, 2014 6:05 PM EST
The oil ministry is considering a partial rollback of bulk diesel prices as sales have dropped significantly, oil secretary Vivek Rae said on Thursday.
A worker fills diesel in a vehicle at a fuel station in Ahmedabad January 17, 2013.
India has asked bulk buyers to pay market rates for diesel since last January and has also been raising the price of subsidised diesel in small amounts every month in an effort to cut its ballooning fuel subsidies.
"We are circulating the Kirit Parikh report for inter-ministerial consultation," Rae told reporters on the sidelines of an industry event.
He also said there was a need to review the subsidy sharing mechanism to ensure that upstream companies get about $65 a barrel on sale of crude oil.
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