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Our Bureau

Gas pipeline policy in two weeks

MR M.S.SRINIVASAN

New Delhi , Aug. 18

The Petroleum Secretary, Mr M.S. Srinivasan, on Friday said that the Government would review retail prices of petroleum products on September 1.

Speaking to mediapersons on the sidelines of the CII Hydrocarbon Club meeting with Dr C. Rangarajan, Chairman, Economic Advisory Council to PM, the Petroleum Secretary said that the decision on granting pricing autonomy on oil products would be conveyed to the oil marketing companies soon.

"As and when the oil marketing companies feel the need to review prices, they will be free to consider the issue and take a decision collectively," he said. He added that instead of reviewing prices every fortnight, it was better to take a consolidated look at prices. The Government had earlier said oil-retailing companies would be allowed to raise retail prices if the average monthly price of Indian basket was above $70 a barrel.

Retail Prices

However, State-owned oil marketing companies were not allowed to raise retail prices, even though the average monthly price of Indian basket was $71.36 a barrel in July. The Petroleum Secretary also said the Government was worried at the widening gap of under-recoveries on liquefied petroleum gas (LPG) and kerosene.

He said the Government is subsidising kerosene retail prices by 70 per cent and LPG by one-third. Actual cost of kerosene is Rs 28 a litre while the retail price is Rs 9. Asked if the Government was planning to review prices of kerosene and LPG as indicated by the Prime Minister in his Independence Day speech, Mr Srinivasan said: "Maybe time has come to review the prices of kerosene and liquefied petroleum gas."

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