Common man will be insulated from oil price shocks: Deora
The government will ensure that the common man will not be affected by the volatility in global energy prices, Petroleum Minister Murli Deora said on Wednesday.business Updated: Sep 30, 2009 23:05 IST
The government will ensure that the common man will not be affected by the volatility in global energy prices, Petroleum Minister Murli Deora said on Wednesday.
Deora was in this Gujarat city as a part of a series of "meet the people" with local dealers, senior state government officials and representatives of oil companies to discuss matters relating to supply and distribution of petroleum products.
"Every effort is made by the government and the Ministry of Petroleum and Natural Gas, in particular to insulate the 'aam admi' from the volatility of global crude oil prices. This is ensured by not passing on the full impact of increased cost to the customer," the minister said.
He pointed out that the volatility of the crude oil prices have had an impact on the national economy, as India imports 75 percent of its requirement of crude oil.
"Due to this, the under-recoveries on sale of petroleum products for 2008-09 were Rs.1,03,292 crore (Rs.1,032.9 billion)," said Deora.