16 January, New Delhi
Petroleum Minister Dharmendra Pradhan Monday ruled out the possibility of reverting to the system of subsidizing auto fuel.
Responding to a media query on the sidelines of the function in New Delhi, Pradhan however said, the government may cut excise duties if rate hike pinches hard.
There has been 5 rupees 21 paise hike per litre hike in petrol price and 4 rupees 45 paise in diesel rates since December.He said, Petrol price was deregulated in June 2010 and diesel in October 2014 and the same will continue.He said, subsidy should be given only to needy persons and not to people who can afford it.
Earlier, addressing the Petroleum Conservation Campaign Saksham 2017, Mr Pradhan said, BS-IV auto fuel will be available across the country from 1st April this year in a phased manner. a draft notification will come on that day in this regard.
He said, Oil Marketing Companies and other stakeholders are ready for switching over directly from BS-IV to BS-VI quality fuel from April 2020. He said, the stakeholders have upgraded their refineries with an investment of 30 thousand crore for 100 percent BS-IV fuel quality.
He said, an additional investment of 30,000 crore rupees has been estimated for BS-VI fuel quality upgradation. He said, it is being done in consultations with Ministry of Heavy Industries and Ministry of Environment.
Pradhan urged everyone to switch off their vehicles at traffic lights so that 2 per cent of fuel can be save which amounts to nearly 14 thousand crore rupees.