'Govt keen to decontrol prices of diesel, LPG'

PRESS TRUST OF INDIA

New Delhi, July 31: Under pressure to keep its finances under control, Finance Minister Pranab Mukherjee today said the government is keen to free prices of diesel and cooking gas (LPG) but keep subsidising kerosene used by poor.
 “Petrol we have done (decontrolled). Diesel, kerosene and LPG we want to do it. (But) Kerosene we may have to provide some subsidy because people who have no access to electricity, use kerosene as lighting”, he said in an interview to PTI.
 The government, he added, wants to link the prices of the domestic petroleum products with those prevailing in the international market.
 While the prices of petrol are linked to market rates, the government directly and indirectly compensates the oil marketing companies for losses on account of sale of diesel, kerosene and LPG through subsidies and oil bonds.
 In June while increasing prices of kerosene, diesel and LPG, the government had slashed customs and excise duties on petroleum products to cushion the hike in rates and thus sacrificing an annual Rs 49,000 crore revenue.

Lastupdate on : Sun, 31 Jul 2011 21:30:00 Makkah time
Lastupdate on : Sun, 31 Jul 2011 18:30:00 GMT
Lastupdate on : Mon, 1 Aug 2011 00:00:00 IST



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