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GoM on commodity, oil prices to meet on Dec 14
Our Bureau
New Delhi, Dec. 6 The recently constituted Group of Ministers (GoM) on commodity prices, including petroleum products, headed by the External Affairs Minister, Mr Pranab Mukherjee, will meet for the first time on December 14.
Speaking to newspersons, the Petroleum Minister, Mr Murli Deora said, “The first meeting of the GoM constituted by the Prime Minister, Dr Manmohan Singh, will be held on December 14.” It would look into pricing of essential commodities including the pricing of petrol, diesel, domestic LPG, and PDS kerosene.
The GoM members include the Defence Minister, Mr A.K. Antony; the Finance Minister, Mr P. Chidambaram; the Railway Minister, Mr Lalu Prasad; the Minister for Road Transport, Highways and Shipping, Mr T.R. Baalu, and the Consumer Affairs Minister, Mr Sharad Pawar.
The projected under-recoveries for the current fiscal on petrol, diesel, PDS kerosene and domestic LPG may exceed Rs 69,700 crore. While Rs 29,761.9 crore or 42.7 per cent of total under-recoveries would be met by the Government through oil bonds, about one-third of these, Rs 23,001 crore, would be borne by upstream companies. The balance Rs 16,937.1 crore would be absorbed by the oil marketing companies.
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