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State oil companies to set uniform petrol price

New Delhi, July 14 (IANS) State-owned oil marketing companies have decided to set a uniform price for petrol and will only revise the retail prices on a monthly basis, a senior official said Wednesday.

‘All the three oil marketing companies will have a uniform price,’ Indian Oil Corporation (IOC) Director (Finance) S.V. Narasimhan told reporters here after officials of three state companies – IOC, Bharat Petroleum and Hindustan Petroleum – met Petroleum Secretary S. Sundareshan.

Narasimhan said that the price may be reviewed at the end of the month.

But, according to sources, the government will not set any specific date for revising prices so as to avoid hoarding.

‘We will see the figures (under-recovery) on July 15 and then discuss the possible scenario for a mechanism to determine retail prices of petrol,’ IOC chairman B.M. Bansal told reporters here Tuesday.

‘Oil marketing companies have been consulting among themselves and discussions would be held at the ministry level,’ Sundareshan said Wednesday.

The government had on June 25 decontrolled the price of petrol, allowing the state companies to set their own retail price.

According to Narasimhan, the companies had raised the price only moderately last month, which did not bridge the entire gap between actual price and the government prescribed subsidized rate.

‘Petrol prices on June 25 were raised by Rs.3.50 per litre following the price decontrol instead of Rs.3.73 a litre required to align them with cost,’ Narasimhan said.

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