No hike in LPG, Kerosene prices: Deora
Thiruvananthapuram,
Sept
20:
Reiterating
the
Centre
was
not
for
any
increase
in
the
prices
of
petroleum
products,
Union
Petroleum
and
Natural
Gas
Minister
Murli
Deora
today
said
his
Ministry
proposed
to
float
oil
bonds
worth
Rs
25,000
crore
next
week
to
cover
the
increased
cost
burden
due
to
higher
prices
of
crude
in
the
international
markets.
Addressing mediapersons after inaugurating the X1V Refinery Technology Meet at Kovalam, near here, he said the proposal would be placed before the Cabinet next week.
''In spite of rising crude oil prices, the government wants the additional cost is not passed on to the consumers and the common man.
''Eighty-five per cent of the increased cost burden could be compensated by floating the oil bonds,'' Mr Deora said.
On speculation of increase of petro product prices, he said ''at present there is no move to increase the price.'' ''The United Progressive Alliance (UPA) Government will try its best not to increase the prices, especially those of LPG and Kerosene,'' he said.
On the Iran-Pakistan-India (IPI) Pipeline Project, Mr Deora said dialogue was on between the countries.
When asked if any country was opposing the move, he said, ''This is a very sensitive question and I cannot answer that.'' The Minister said the country would have a surplus of 92 million tonnes of petro products in 2012 which could be exported.
The present refining capacity of 149-million-tonne was much higher than the present consumption of 120 million tonne, he said and added the goal could be achieved with new refineries coming up and the modernisation of the existing ones.
''Though India is endowed with meagre crude oil reserves meeting less than 25 per cent of the annual requirement, the country is self sufficient and surplus in refining capacity to meet the increasing demand for petroleum products,'' he said.
On new ventures in natural gas exploration, he said certain blocks in Kerala had already been identified and there would be clear picture within a few months.
The meet is organised by the Centre for High Technology and Mangalore Refinery and Petrochemicals Ltd.
UNI