Petroleum consumption rises 5.5%
As per data posted by the Petroleum Planning and Analysis Cell, fuel consumption-a proxy for oil demand-totalled 14.03 million tonnes last month. The 5.52 per cent increase was driven by higher gasoline sales, which reflected a surge in passenger vehicles sales.
Oil ministry drops plan to set up panel for fixing gas prices
The oil ministry has dropped its plan to form an inter-ministerial committee to determine gas prices every quarter based on the C Rangarajan committee formula, and has decided to rely on its own expertise to calculate new rates. The ministry now wants its number-crunching wing, the Petroleum Planning & Analysis Cell (PPAC), to approve and notify gas prices calculated on the basis of the complex formula every quarter.
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