The Hindu Business Line : Iran-Pak-India gas pipeline project: Official-level meet on March 13

The Minister of Petroleum and Natural Gas, Mr Murli Deora, has informed the Parliamentary Consultative Committee (PCC) attached to his Ministry that a tripartite official level meeting is being held in Tehran on March 13-15, on Iran-Pakistan-India (IPI) Gas Pipeline Project.

Chairing the PCC meeting here, Mr Deora said that Petroleum Secretary, Mr M.S. Srinivasan, would lead the Indian delegation. He pointed out, as domestic availability of gas is not adequate to meet the country's demand, gas imports are being pursued both as liquefied natural gas and through transnational pipelines.

Referring to other issues concerning the sector, the Minister stressed the need for a consistent pricing of petroleum products under a long-term policy, blending economic pricing with social responsibility. He informed that Government is examining the report of the Dr Rangarajan Committee, which was set up to look into the various aspects of pricing and taxation of petroleum products.

Crude oil prices

Mr Deora further said that the international prices of crude oil of Indian basket have gone up substantially since APM dismantling in April 2002 from about $23 per barrel (bbl) in March 2002 to $59 per bbl. However, domestic prices of sensitive petroleum products were not raised in line with international prices considering impact on common man and economically vulnerable sections of the society.

In fact, domestic price of PDS Kerosene has not been raised while LPG prices were increased by only 23 per cent against 222 per cent increase in global market.

Prices of diesel were raised by 84 per cent against 171 per cent increase in international market and the prices petrol of were raised by 64 per cent against 142 per cent increase in the international market, he said.

The Minister also spoke about efforts to accelerate domestic exploration and production of hydrocarbon.

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