Indian refiners discuss auto fuel retail price formula

India’s public and private sector refiners are discussing a retail price formula for automotive fuels, following the government’s recent deregulation of gasoline prices, local sources said. The Empowered Group of Ministers (EGOM) have decided that refinery gate and retail prices should be freed from government control. The adjustment was designed to bring gasoline prices in line with market levels. The EGOM also recommended the deregulation of gasoil and has announced a price increase of Rs2 (US$0.04) per liter. The oil ministry said gasoil price reform would be undertaken in due course. (July 8, 2010)