LD FUEL 2

These measures would help cut Rs 45,571-crore revenue
loss that state-owned fuel retailers would incur on selling
petrol, diesel, domestic LPG and kerosene below cost during
the current fiscal.

Of this, the Indian government would bear Rs 31,574 crore
loss arising on LPG and kerosene and give the three firms--
Indian Oil, Bharat Petroleum and Hindustan Petroleum-- the
promised Rs 12,000-crore.
Last week, Deora did not take the proposal to free auto
fuel prices, along with hikes in cooking gas and kerosene
rates, to the Cabinet due to opposition from the Trinamool
Congress and the Dravida Munnettra Kazhagam (DMK).
The proposal was formulated after tweaking the report of
the Indian Prime Minister-appointed expert group on fuel
pricing reforms, headed by Kirit Parikh that called for
freeing petrol and diesel prices along with a steep Rs 100 per
cylinder hike in LPG rates and Rs 6 a litre raise in kerosene
prices.
Indian Oil Corporation (IOC), Bharat Petroleum
Corporation Limited (BPCL) and Hinduatan Petroleum Corporation
Limited (HPCL) currently sell kerosene at a loss of Rs 18.06
per litre and domestic LPG at Rs 287.59 per cylinder.
Petrol and diesel prices were freed by the National
Democratic Alliance (NDA) government led by the Bharatiya
Janata Party (BJP) in April 2002 and revised on 1st and 16th
of every month based on fortnightly average of international
rates. But this was reversed when the Congress-led government
assumed charge in 2004. MORE PTI ANZ
RDM


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