Oil, Gas majors to sell fuel at their own determined prices

New Delhi, Aug 2 (UNI) The government today gave assurance to oil and gas majors that they will have the freedom to sell fuel at market determined prices as per the exploration policy.

Sources told UNI that the government has rejected any intervention in the pricing of gas from RIL's KG basin field.

This decision emerged after a meeting between Petroleum Minister Murli Deora and Andhra Pradesh Chief Minister Y S Rajasekhar Reddy.

Mukesh Ambani-run RIL had earlier proposed to sell gas at a price ranging between 4.58 dollars per million British thermal unit (mBtu) and 4.33 dollars per mBtu.

However, in view of the opposition the pricing is being looked into by a Committee of Secretaries.

Meanwhile, the controversy is likely to delay next round of NELP-VII, which was scheduled during this month.

UNI