With global crude oil prices on the downswing, the UPA government is adopting a wait-and-watch policy before taking the political plunge to raise prices of controlled petroleum products —diesel, cooking gas and kerosene.
Though the buzz was that the Empowered Group of Ministers (EGoM) — which is authorised to decide the increases — was likely to meet on June 9, sources said there was no official confirmation from the EGoM chairman’s office to freeze that date for the meeting. The delay in holding the meeting, first scheduled for May 11, has eased the headache for the UPA as the under-recovery has significantly climbed down, except in the case of domestic LPG, from what was estimated at that time.
Based on a fortnight-ago prices, the losses in June on petrol would be a meager Re 1 a litre compared to Rs 5.50 estimated when its price was last raised on May 15. Loss on diesel would be down to Rs 12.45 a litre versus Rs 16.17 in the first week of May. Similarly, the under-recovery on kerosene would be around Rs 26 from Rs 28.28 a litre. However, under-recovery on cooking gas would climb to Rs 380 from Rs 329.73 per cylinder.
Though the buzz was that the Empowered Group of Ministers (EGoM) — which is authorised to decide the increases — was likely to meet on June 9, sources said there was no official confirmation from the EGoM chairman’s office to freeze that date for the meeting. The delay in holding the meeting, first scheduled for May 11, has eased the headache for the UPA as the under-recovery has significantly climbed down, except in the case of domestic LPG, from what was estimated at that time.
Based on a fortnight-ago prices, the losses in June on petrol would be a meager Re 1 a litre compared to Rs 5.50 estimated when its price was last raised on May 15. Loss on diesel would be down to Rs 12.45 a litre versus Rs 16.17 in the first week of May. Similarly, the under-recovery on kerosene would be around Rs 26 from Rs 28.28 a litre. However, under-recovery on cooking gas would climb to Rs 380 from Rs 329.73 per cylinder.
An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).
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