GoM will study fuel price question: PM

On Board PM8217;s Special Aircraft: Prime Minister Manmohan Singh said on Tuesday that a Group of Ministers GoM has been constituted to look into the revision of fuel prices that has been necessitated by the spurt in global crude oil prices. 8220;The Cabinet did discuss this matter. I have appointed a GoM to report back to the Cabinet within one month,8221; he told reporters on his way to Singapore to attend the ASEAN Summit. He, however, did not specify when the Cabinet discussed the issue or who would head the GoM.

In New Delhi, petroleum and natural gas secretary M S Srinivasan said, 8220;The Ministry has no information about a newly constituted Group of Ministers for oil prices. It is quite possible that the Oil Ministry will be intimated later in a day or two.8221; An oil ministry official stated, 8220;In all probability, it should be headed by external affairs minister Pranab Mukherjee.8221;

PSU oil firms IOC, BPCL and HPCL are together losing over Rs 250 crore per day on sale of petrol, diesel, domestic cooking gas LPG and kerosene as they have not been allowed to raise retail prices despite the rise in international oil prices. An industry official said that a GoM may have become necessary as there is no unanimity on raising of fuel prices and the Finance Ministry is opposing the Oil Ministry8217;s proposal to cut excise duties on petrol and diesel.