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.
Most Popular Slideshows
Join the Conversation
- Travel Alert: Over 200 Canadians Infected with Mosquito-Borne Chikungunya Virus
- Economic Growth In US And Sub-Saharan Africa Allay 2015 Recession Fears
- Canadian Ebola Drug: Tekmira Firm Starts Limited Manufacturing of Vaccine, Available By December; Shares Up
- US Dedicates 5 Airports for Travellers From Ebola-Stricken Nations, Lawmakers Want Travel Ban
- WHO Races to Release Ebola Serum in 2 Weeks, Vaccines in January
- Boy Stoned To Death For Alleged Rape, Victim Receives Dowry From Militants
- No Mercy: ISIS, Father Stones to Death Daughter for Alleged Adultery
- ASUS Releases A Teaser Indicating The Arrival of New Zenfone and ZenWatch On October 28
- Russia is Creating Underwater Combat Robots to Protect its Arctic Territories
- Three Dual SIM Samsung Galaxy Note 4 Duos Variants Comes To China
- iOS 8 Jailbreak Release Date is Doomed as Team Evad3rs Opts Out, Pangu Hits Snag – Report
- Google Nexus 6 vs. iPhone 5S: 4 Important Things to Consider Before Switching to Android Lollipop