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Oil ministry may approach Cabinet on diesel deregulation

Oil ministry may approach Cabinet on diesel deregulation
The petroleum ministry is understood to be preparing a note for the Cabinet on a possible deregulation of diesel prices. Domestic prices of the fuel are nearing market rates and are under-recoveries of oil marketing companies (OMCs) on diesel sales are likely to be eliminated in two months. With continued monthly price hikes of 50 paise since January 2013, OMCs losses on diesel sales have fallen to Rs 1.78 a litre from Rs 3.4 a litre in the fortnight ended 15 July as worries over supply ...
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