India plans to decontrol fuel prices

After India’s 15 general elections in May, Petroleum Ministry officials said the decontrolling of petroleum prices is a key issue for the new government to address. The new government should tackle the issue in order to ensure financial health of oil marketing companies, officials said. Some kind of ceiling in crude oil price may be put in place, subject to approval by the Union cabinet. Other areas of importance pointed out were the expansion of exploration and acquisition in oil and gas overseas to ensure energy security, prevention of fuel adulteration and the withdrawal of dual pricing of kerosene and cooking gas. (May 20/21, 2009)