PETROL PRICING DECONTROLLED
TO-DAY’S HOT NEWS IS;-
Moving twards a market determined fuel price regime, the Empowered Group of Ministers [EGM] freed the Government from fixing price of petrol and Diesel with a leash on state-run oil marketing companies [OMCs] on future change in diesel prices. Finance Minister Pranab Mukherjee said price control had become unbearable for his Ministry to fund.
The Government would retain the right to SUITABLY INTERVENE in priicing of both fuels in case of a HIGH RISE and VOLATILITY IN INTERNATIONAL OIL PRICES (said a Petroleum Mnistry release)
Before more than eight years, a similar decision was taken by the then Central Government in power and a Gazette Notification was publshed based on a popularly known NIRMAL SINGH COMMITTEE report, according to which all price controlled petro-products were to be freed / decontrolled and the Administered Pricing Mechanism was to be withdrawn w.e.f. 01.04.2001. Even the then Finance Ministry, while issuing a clarificatory circular to the field formations, had re-iterated that the existing scheme of valuation for petro-products, in the context of change-over to transaction value system for Central Excise and Customs duty determination, would apply till 31.03.2001 and thereafter, the transaction value rules, as applicable to any central excise / Customs duty valuation, would apply for petro-products also.
However, what was proposed by the MAN [the then Government in power] got disposed of by GOD [the present Dr. M. Singh government, now in power].
OLD ORDER CHANGETH YIELDING PLACE TO NEW, GOD [DR. M. SINGH] FULFILLS HIMSELF IN MANY WAYS. [says OMAR KHAYYAM OF to-day]
THE PETRO-SECTOR HAS WON THE MAHABHARATH WAR, ATLAST, TO SURVIVE.[thanks to petro Minister Murli Deora [LORD KRISHNA ]
[more to follow soon on the thinkings of the India Govt., over the decades, to introduce and enforce the famous Administered Pricing Mechanism [shortly known as APM]==editor]
VENKATRAMAN RAGGHUPATHY, Web admin.
