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Fuel pricing reforms expected with Manmohan Singh taking additional charge of Finance Ministry
NEW DELHI: Prime Minister Manmohan Singh's direct involvement in the
finance ministry has renewed reform vigour among officials, who plan
steps to reform fuel pricing and accelerate domestic oil exploration,
government and industry officials said.
According to officials fuel pricing reforms are expected after mid July post Presidential poll, which would include a hike in diesel rates by atleast Rs 3 per litre and limiting highly subsidized cooking gas cylinders to four refills per household every year.
It is expected that state-run oil marketing companies, which skipped a price revision in mid June, will also reduce petrol rates by about Rs 2.50 per litre from next month. "There are gains in terms of crude oil, but it is largely nullified due to rupee depreciation. Exact quantum will be known only on June 30 th as average oil price and exchange rates will vary due to volatilities in the rates of the two crucial items," chairman of an oil firm said requesting anonymity.
A senior oil ministry official confirmed that the government is working on capping number of subsidized cooking gas cylinders and a stage is already set. "The transparency portal, launched last week is the first step in this direction. A decision is expected soon after the empowered group of ministers would meet under a new chairman," the official said.
Officials expect the new EGoM chairman to take a decision on the matter, which was pending due to preoccupation of the previous head of the panel, former finance minister Pranab Mukherjee in presidential poll. Mukherjee tendered his resignation from the government on Tuesday to contest for the port of the president.
Officials said that Prime Minister's Office (PMO) had been actively monitoring issues such as decline in gas production and gas pricing, hurdles in securing approvals for undertaking exploration and production activities in oil and gas blocks, decline in exploration and production (E&P) activities and the need to revamp the Directorate General of Hydrocarbons (DGH), whose role has been questioned the CAG in its report.
PMO has sought direct queries from the oil ministry regarding delays in granting pricing approvals to private firms to start commercial coal bed methane (CBM) production from three blocks.
PMO is also helping the oil ministry in resoling inter-departmental hurdles in getting various approvals from Navy, departments of space and environment that will facilitate oil and gas exploration in about 80 blocks.
Oil ministry officials confirmed that PMO is keenly watching petroleum sectors progress as energy security is national priority and rising subsidy is a major drag on the economy. The fuel subsidy bill this year is expected to be Rs 164,000 crore.
According to officials fuel pricing reforms are expected after mid July post Presidential poll, which would include a hike in diesel rates by atleast Rs 3 per litre and limiting highly subsidized cooking gas cylinders to four refills per household every year.
It is expected that state-run oil marketing companies, which skipped a price revision in mid June, will also reduce petrol rates by about Rs 2.50 per litre from next month. "There are gains in terms of crude oil, but it is largely nullified due to rupee depreciation. Exact quantum will be known only on June 30 th as average oil price and exchange rates will vary due to volatilities in the rates of the two crucial items," chairman of an oil firm said requesting anonymity.
A senior oil ministry official confirmed that the government is working on capping number of subsidized cooking gas cylinders and a stage is already set. "The transparency portal, launched last week is the first step in this direction. A decision is expected soon after the empowered group of ministers would meet under a new chairman," the official said.
Officials expect the new EGoM chairman to take a decision on the matter, which was pending due to preoccupation of the previous head of the panel, former finance minister Pranab Mukherjee in presidential poll. Mukherjee tendered his resignation from the government on Tuesday to contest for the port of the president.
Officials said that Prime Minister's Office (PMO) had been actively monitoring issues such as decline in gas production and gas pricing, hurdles in securing approvals for undertaking exploration and production activities in oil and gas blocks, decline in exploration and production (E&P) activities and the need to revamp the Directorate General of Hydrocarbons (DGH), whose role has been questioned the CAG in its report.
PMO has sought direct queries from the oil ministry regarding delays in granting pricing approvals to private firms to start commercial coal bed methane (CBM) production from three blocks.
PMO is also helping the oil ministry in resoling inter-departmental hurdles in getting various approvals from Navy, departments of space and environment that will facilitate oil and gas exploration in about 80 blocks.
Oil ministry officials confirmed that PMO is keenly watching petroleum sectors progress as energy security is national priority and rising subsidy is a major drag on the economy. The fuel subsidy bill this year is expected to be Rs 164,000 crore.
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