New Delhi, November 24
In major relief to consumers, the government today decided to roll back the decision to hike the prices of LPG by Rs 5 per cylinder.
Significantly, the decision comes barely hours after the UPA-Left coordination committee meeting today. The government had announced on November 4 a Rs 20 hike per cylinder in prices of LPG. It had also said that the price would increased by Rs 5 per cylinder every month for a period of 26 months to cover the losses incurred by the state-owned oil marketing companies. “It has been decided by the Cabinet Committee on Economic Affairs (CCEA) that the previous decision to raise LPG price by Rs 5 every month stands rescinded,” Petroleum Minister Mani Shankar Aiyar told newspersons after the CCEA meeting.
Mr Aiyar said that it had also been decided to refer the issue of petrol and natural gas prices to a Group of Ministers (GoM).
The Union Cabinet also decided to refer the Petroleum and Natural Gas Regulatory Bill to the Group of Ministers.
Information and Broadcasting Minister Jaipal Reddy said that the proposed Bill sought to set up a Petroleum Regulatory Board for petroleum and petroleum products, including natural gas but not crude oil to protect the interest of the consumers.
The Bill also gave power to the Central Government to broadly lay down the policy framework and intervene in matters adversely affecting public interest in certain exigencies as well as maintaining a data bank of information on activities relating to petro products to enable planning and development thereof.
The Bill also provided that if a person violated directions of the board, he or she could be fined. If an entity marketed any notified petroleum or petroleum products without a valid authorisation, it shall be punishable with imprisonment which may extend to three years or fined.
