The Government had constituted an Expert Group to advice on Pricing Methodology for Diesel, Domestic LPG and PDS Kerosene under the chairmanship of Kirit S Parikh (Former Member, Planning Commission). The Expert Group has submitted the report to the Minister of Petroleum & Natural Gas M Veerappa Moily in Delhi on October 30.
India, which is one of the largest energy consuming countries, needs to ensure that the country maintains self-sufficiency in the refining sector in future. The pricing policies, therefore, should also be geared to ensure sufficient returns to the refineries in the country for long-term sustainability of the petroleum sector and to ensure energy security of the country, the committee has said.
It has also given its suggestions to the government on pricing mechanism and diesel price.