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No plan to decontrol diesel price, says oil secy

The Centre on Monday said it would not free diesel prices in hurry as the move would lead to a sharp rise in price of the fuel mostly used by the transport sector.

business Updated: Oct 18, 2010 21:34 IST
HT Correspondent & Agencies

The Centre on Monday said it would not free diesel prices in hurry as the move would lead to a sharp rise in price of the fuel mostly used by the transport sector. "There is no thinking at this juncture to move any further," said S. Sundareshan, petroleum secretary, at a roadshow organised for NELP (New Exploration and Licensing Policy) IX.

The government will launch its first-ever offer of shale gas areas for exploration by the end of 2011, even as it targets big-ticket investments from the ongoing auction of oil and gas blocks, he said. "We are looking at forming a policy framework for shale gas and the first shale gas round is planned for 2011 end."

The ongoing NELP IX is likely to see some big investments, with Reliance Industries Ltd on Monday indicating that it may actively bid for the blocks.

"We continue to evaluate all opportunities. We are enthusiastic about all our existing acreage. We look forward to adding to India’s energy security," said Mukesh Ambani, chairman, RIL.