(a) whether the Oil Companies in the country are finding difficult to retain prices of petroleum products at current level in case the increase in crude prices is not offset by duty and tax relief by the Government;
(b) if so, whether the Government propose to come to the rescue of oil companies; and
(c) if not, the reasons therefor?
MINISTER OF STATE IN THE MINISTRY OF PETROLEUM AND NATURAL GAS AND MINISTER OF STATE IN THE MINISTRY OF PARLIAMENTARY AFFAIRS (SHRI SANTOSH KUMAR GANGWAR)
(a) to (c): After the dismantling of the Administered Pricing Mechanism, the normal fluctuations in the international oil markets would be reflected in the domestic prices of diesel. However, Government is constantly reviewing the international oil prices, particularly the volatility and its likely impact on the domestic market. As and when Government intervention is considered necessary, appropriate measures will be taken.