Oilmin to move Cabinet to cut ONGC subsidy role

Dec 26 2013, 09:49 IST
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SummaryFalling cash reserves at upstream major could hurt capex

oil retailers for selling diesel, kerosene and LPG at discounted prices. But GAIL has now been exempted by the government from contributing in the last two quarters of FY14 as it is not an upstream player.

The Parikh committee submitted its report in late October when it recommended continuing pricing petroleum products at the trade parity pricing route. It also suggested a hike in prices of diesel by Rs 5 a litre, kerosene by Rs 4 per litre and LPG by Rs 250 per cylinder, among other recommendations.

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