Business Daily from THE HINDU group of publications
Friday, Dec 14, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Friday, Dec 14, 2007 ePaper | Mobile/PDA Version |
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Industry & Economy
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Petroleum GoM meet on commodities, oil pricing put off Our Bureau New Delhi, Dec. 13 The meeting of the Group of Ministers (GoM) on pricing of essential commodities, including petroleum products, scheduled for Friday has been postponed. “Some of the members will not be there on Friday,” Mr Murli Deora, Petroleum Minister, said. The ministerial panel is now expected to meet in next two weeks. The GoM is to look into pricing of some essential commodities, including petrol, diesel, domestic cooking gas (LPG) and PDS kerosene. The state-owned oil marketing companies – Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation - are projected to lose Rs 69,753 crore on sale of four petroleum products, as they continue to sell these products below the cost price. Some of the options likely to be considered are a marginal hike in petrol and diesel price, duty cut on auto fuels and issuance of oil bonds as some of the options to offset the losses suffered by marketing companies. The Indian crude basket on Wednesday stood at $87.23 per barrel. The GoM headed by the External Affairs Defence Minister, Mr Pranab Mukherjee, includes the Defence Minister, Mr A.K. Antony, the Finance Minister, Mr P. Chidambaram, and the Railway Minister, Mr Lalu Prasad, the Road Transport, Highways and Shipping Minister, Mr T.R. Baalu, the Consumer Affairs Minister, Mr Sharad Pawar, and the Petroleum Minister. More Stories on : Petroleum | Commodities
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