An Empowered Group of Ministers (EGoM), headed by Finance Minister Pranab Mukherjee, would have to take a call on making prices of diesel fully market-determined, Petroleum Secretary S Sundareshan said today.
“That call (to free diesel prices from government control) will have to be taken by the EGoM,” he told reporters.
State-run Indian Oil Corp (IOC), Hindustan Petroleum and Bharat Petroleum currently sell diesel at a discount of Rs 4.71 per litre on its imported cost. If diesel rates are deregulated, that is the amount by which retail prices will go up.
The EGoM had on June 25 freed petrol price and decided to make diesel prices market-determined in due course.
“Unfortunately, crude prices have been consistently going up since June,” Sundareshan said.
