Date:29/11/2007 URL: http://www.thehindubusinessline.com/2007/11/29/stories/2007112953101000.htm

Back Pranab to head GoM on petrol pricing

Our Bureau

New Delhi, Nov. 28 The recently constituted Group of Ministers (GoM) to look into the pricing of petroleum products will be headed by the External Affairs Minister, Mr Pranab Mukherjee.

The other members of the GoM include the Defence Minister, Mr A.K. Antony, the Finance Minister, Mr P Chidambaram, the Railway Minister Mr Lalu Prasad, the Minister for Road Transport, Highways and Shipping, Mr T.R. Baalu, the Consumer Affairs Minister, Mr Sharad Pawar, and the Petroleum Minister, Mr Murli Deora.

The constitution of the GoM was announced by the Prime Minister, Dr Manmohan Singh last week. The Prime Minister on way to Singapore to attend the ASEAN summit had said, “I have appointed a GoM to report back to the Cabinet within one month.”

Volatility in international crude prices has been impacting the profitability of the State-owned oil marketing companies that are compelled to sell petroleum products below the cost price. The retail selling price of petroleum products – LPG, kerosene, petrol and diesel – is controlled by the Government to insulate the consumer from the impact of surge in international crude prices. The Indian crude basket on Tuesday was at $90.76 a barrel.