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
- Russia Warns Citizens – Take Selfies, Have Lice
- The Cost Of Getting Infected With Ebola
- Ebola Divides The US: More States Begin Applying Stricter Guidelines Than What CDC Imposed
- Canadian House Owners Preferring To Live In Core City Than In Suburbs: Study
- FIFA May Keep Russia and Ukraine Apart in World Cup 2018
- Marvel Announces Release Dates Of 11 Upcoming Movies From 2015 To 2019
- Xiaomi Becomes World’s Third Largest Smartphone Manufacturer By Dethroning Huawei
- Entry Of Peshmerga Fighters From Iraq Boosts The Kobani Battle Against ISIS: Turkey Provides Transit
- Nexus 6, 9 Buyers on November Release Will Enjoy These 3 Killer Lollipop 5.0 Features First
- Woman Hanged In Iran Talks Abuse In Prison, Left Chilling Message To Family
- Xiaomi VP Hugo Barra Says ‘Apple iPhone 6 Is The Most Beautiful Smartphone Ever Built’
- Vivo Rumoured To Be Building World’s Thinnest Smartphone With 3.8 MM Thickness