| Deora, while addressing the Parliamentary consultative committee, also added that social responsibility had to be kept in mind while formulating pricing policy in the petroleum sector. |
| "It is essential that pricing is blended with social responsibility so that the oil sector continues to service the oil needs of the economy," he added. |
| Crude oil price of the Indian basket has jumped more than 150 per cent from $23 per barrel in March 2002 to $59 per barrel at present. |
| However, the price of diesel increased only 84 per cent as against an increase of 171 per cent in the international market and the price of petrol moved up only 64 per cent as against an increase of 142 per cent in the global market. |
| "The government has not increased the domestic prices of sensitive petroleum products in line with global prices," he said. Price of PDS Kerosene has not been increased since 2002 while LPG prices have been raised by only 23 per cent as against an increase of 222 per cent in the international market. |
| Deora said the government was examining the report of the C Rangarajan committee that examined issues relating to pricing and taxation of petroleum products. |
| He added that for regulation, the Petroleum and Natural Gas Regulatory Board Bill had been passed by the Lok Sabha, which envisaged envisaged setting up a statutory downstream petroleum and natural gas regulator. |
| It would regulate the refining, processing, storage, transportation, distribution, marketing and sale of petroleum, petroleum products and natural gas so as to protect the interests of consumers and entities. |
| The board would ensure uninterrupted and adequate supply of petroleum, petroleum products and natural gas in all parts of the country, and promote competitive markets. |
| 'The Bill has been passed by Rajya Sabha on March 2, 2006. Now, it will be taken-up for consideration and passing in the Lok Sabha,' he said. |
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