Press Esc to close
Saturday 26 July 2014
News updated at 10:27 AM IST
Weather
Max: 29.2°C
Min : 20.3°C
In Bangalore
Sunny day

CCEA defers decision on natural gas price hike

New Delhi, Jun 21, 2013 (PTI)

The Cabinet Committee on Economic Affairs (CCEA) today deferred a decision on a proposal to hike natural gas prices by a steep 60 per cent as Oil Minister M Veerappa Moily was away on an official tour.

Moily's proposal to raise gas prices to USD 6.775 million British thermal unit (mmBtu) from current USD 4.2 mmBtu, which would result in a steep rise in electricity tariff, urea manufacturing cost as well as CNG rates, was listed for consideration of CCEA.

The CCEA, however, "deferred a decision", said a senior minister attending the meeting chaired by Prime Minister Manmohan Singh.


The Oil Ministry had moved a note for an across-the-board hike in gas prices for consideration of CCEA on Wednesday and it was listed as number 7 among the eight items the Cabinet sub-committee was to consider.

However, with Moily in Tripura for the inauguration of ONGC's power plant by President Pranab Mukherjee, the CCEA deferred a decision.

The gas price hike, while triggering investment in gas hunt in the country and the resultant production hike, is being opposed in some quarters as it would lead to a rise in cost of generating electricity and urea production.

Owing to the opposition there is speculation that the proposal may be referred to a ministerial panel for further deliberations.

The minister said another Oil Ministry's agenda - presentation of a status report on implementation of ethanol-blend petrol programme, too was deferred by CCEA. 

Go to Top

Photo Gallery
Actor Akshay Kumar at an event in Gurgaon...

Actor Akshay Kumar at an event in Gurgaon...

Owner of Jaipur Pink Panther Kabaddi Team Abhishek Bachchan during a promotional event...

Owner of Jaipur Pink Panther Kabaddi Team Abhishek Bachchan during a promotional event...

Sand sculpture with a message “Stop War” at Puri beach of Odisha...

Sand sculpture with a message “Stop War” at Puri beach of Odisha...

A villager on his way to collect drinking water wades through flood waters carrying a vessel...

A villager on his way to collect drinking water wades through flood waters carrying a vessel...

Muslims burn a flag of Israel as they protest against Israel's attack on Gaza, after friday...

Muslims burn a flag of Israel as they protest against Israel's attack on Gaza, after friday...

Army jawans lighting lamps at 'Kargil war Wall Memorial' to pay tribute during the celebrations...

Army jawans lighting lamps at 'Kargil war Wall Memorial' to pay tribute during the celebrations...

Ancient passage stairs found during the underground Jaipur Metro train work at Choti Chopad...

Ancient passage stairs found during the underground Jaipur Metro train work at Choti Chopad...

Gold Medalist India's Abhinav Bindra, Silver Medalist Abdullah Baki of Bangladesh...

Gold Medalist India's Abhinav Bindra, Silver Medalist Abdullah Baki of Bangladesh...

A Malaysia Airlines crew member places a flower next to candles forming the letters MH17...

A Malaysia Airlines crew member places a flower next to candles forming the letters MH17...

Boats head out to the mouth of St. Johns River at dawn during the start of the Greater...

Boats head out to the mouth of St. Johns River at dawn during the start of the Greater...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523