A short respite for customers of diesel came today. The meeting of the Empowered Group of Ministers (EGoM), to decide on the fuel price, scheduled for Wednesday has been deferred for sometime next week.

“The EGoM was to meet on Wednesday evening. The meeting has been put off. The convenience of all the EGoM members will be ascertained before deciding the next date. The meeting could be anytime on May 17-18. A decision has to be taken by the Finance Minister,” the Petroleum Minister, Mr S. Jaipal Reddy, said.

Speaking to reporters at the sidelines of PetroFed Oil & Gas Industry Awards event, Mr Reddy said, “The EGoM will also look into the under recoveries incurred by the public sector oil marketing companies and their losses,” he added. Asked on quantum of increase in price that his Ministry has proposed Mr Reddy said, “About the manner in which the question will be dealt with, I cannot speculate.”

Though an increase in retail price of diesel and a possible increase in domestic LPG prices have been deferred, an increase in petrol prices, later this week, cannot be ruled out. The Government has given the freedom to the PSU OMCs to decide on petrol prices.

According to reports, EGoM would have considered raising diesel price by Rs 3-4 a litre. While the oil companies were expected to hike petrol prices by Rs 3 a litre shortly.

Asked about the meeting of the Group of Ministers (GoM) to decide on the Cairn Energy-Vedanta Resources deal, Mr Reddy said that the day EGoM meets, a discussion on GoM meeting can also happen.

Related Topics
comment COMMENT NOW