Pranab Mukherjee, the Finance Minister, yesterday said that to discuss the issue of fuel deregulation, he would meet other cabinet ministers on Thursday to decide on the date for the next meeting.
The empowered group of ministers yesterday has deferred the decision of fuel deregulation.
Moreover, Mukherjee said that the decision on fuel prices would be taken very soon and there was no need to press the panic button due to the euro zone crisis.
The Empowered Group of Ministers (EGoM), headed by Finance Minister Pranab Mukherjee, has postponed the decision on deregulating the price of petrol, as recommended by Kirit Parikh Committee.
The ministerial panel yesterday met but failed to decide on whether to allow oil marketing companies to set pump prices in tune with international trend or simply raise petrol and diesel prices to trim down the losses of state-run companies, as key members like Railway minister Mamata Banerjee, agriculture minister Sharad Pawar, power minister Sushilkumar Shinde and transport minister Kamal Nath could not attend the meeting on Monday. Thus, leaving oil marketing companies (OMCs) to bear the losses as international crude prices surged hovering around the $70/bbl mark.
In February this year, Kirit Parikh Committee in its report had suggested Petroleum Minister Murli Deora raise petrol prices by Rs 6 a litre, and LPG rates by Rs 100 a cylinder.
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