Gas price hike: Moily rules out rollback

Gas price hike:  Moily rules out rollback

Oil Minister Veerappa Moily on Friday said there was no question of going back on the government's decision to double natural gas prices from April. The decision was taken after careful consideration by the cabinet twice.

"Where is the question of stalling or stopping anything. It (the decision to raise gas prices for both public sector and private producers) has gone through a governance process...it was considered by the cabinet twice and approved twice," Moily told reporters here.

He was replying to queries about Delhi Chief Minister Arvind Kejriwal’s  FIR against him and others for raising gas prices.

The new rates, which are likely to be around $8-8.4 per million British thermal unit, are expected to be effected from April. This was based on recommendations of a committee headed by Prime Minister’s Economic Advisory Council chairman C Rangarajan.

“It is absolutely based on recommendations made by the Rangarajan Committee. I have not changed even a word...The Rangarajan Committee was appointed by Jaipal Reddy. I did not appoint the committee to suit my needs,” he said.

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