Aiyar for relook at fuel price formula

Published on Nov 19, 2004 01:46 AM IST

Petroleum minister Mani Shankar Aiyar said on Thursday the decision to opt for international price parity in petrol has resulted in an anomalous situation whereby prices of petrol in the domestic market have come down, while the prices of diesel have remained unchanged.

HT Image
HT Image
PTI | By, New Delhi

Petroleum minister Mani Shankar Aiyar said on Thursday the decision to opt for international price parity in petrol has resulted in an anomalous situation whereby prices of petrol in the domestic market have come down, while the prices of diesel have remained unchanged.

This anomaly needs to be examined, he added.

Speaking at the Economic Editors’ conference here, the minister said on November 4, the government decided to link petrol price to import parity and thus moved in step with global trends. This was not applied for diesel, LPG and kerosene.

“This decision has created an anomalous situation. This anomaly needs to be examined,” he said, without elaborating.

The minister said in the present circumstances with crude prices touching record high,

the government will have a major role in deciding the fuel prices while keeping in mind the social and economic considerations.

In view of the dismantling of the administered price mechanism, the government will have to look into the issue of price revision every 15 days, he stated.

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