REVISIONS
IN PETROLEUM PRODUCT PRICES
Shri Ram Naik, Minister
of Petroleum & Natural Gas, in a written reply in the Rajya
Sabha, today informed that the consumer prices of petrol, diesel,
PDS Kerosene and domestic LPG were increased only once during
2000-01, with effect from 30th September 2000. During
the year 2001-02, while no increase was effected in the prices
of petrol and diesel, the prices of PDS Kerosene and domestic
LPG were increased only once with effect from 1st March
2002. However, during the year 2000-01, the prices of PDS Kerosene
and domestic LPG were reduced once, with effect from 22nd
November, 2000. Further, during the year 2001-02, the prices of
domestic LPG were reduced once, with effect from 17th
March 2002, and those of petrol and diesel were reduced twice,
with effect from 12th January 2002 and 1st
March 2002.
Shri Naik further
informed the House that with the dismantling of the Administered
Pricing Mechanism (APM) effective 1st April 2002, the
prices of all petroleum products, except for PDS Kerosene and
Domestic LPG, which continue to be subsidised products, have become
market-determined. The public sector oil companies are fixing
the consumer prices after taking into consideration the prevalent
international oil prices. With a view to facilitate smooth transition
from the APM era to a free market scenario, the public sector
oil companies did not increase the prices of petrol and diesel
for the first two months of APM dismantling i.e. April and May
2002 despite an increase in the international prices. Further,
with a view to contain the impact of increase in international
prices on the domestic prices of petrol and diesel, the Government
reduced the excise duty rates on these products by 2% with effect
from the midnight of 3rd/4th June 2002.
