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Ministers’ panel may meet on 21st May to decide on freeing petrol, diesel prices

EGoM will also decide on ways to deal with the revenue lost on selling domestic LPG and PDS kerosene below cost

An Empowered Group of Ministers (EGoM) headed by finance minister Pranab Mukherjee is likely to meet on 21st May to decide on freeing petrol and diesel prices from government control, reports PTI.

The ministerial panel will also decide on ways to deal with the revenue lost on selling domestic liquefied petroleum gas (LPG) and public distribution system (PDS) kerosene below cost, an official in know of the development said.

"The EGoM meeting has been tentatively scheduled for 21st May. There are availability issues about one or two ministers on that day and if they are unable to make it on that day, the meeting may be postponed," he said.

Besides Mukherjee, the EGoM also includes oil minister Murli Deora, agriculture minister Sharad Pawar, chemical and fertiliser minister MK Alagiri, railway minister Mamata Banerjee, road transport minister Kamal Nath and Planning Commission deputy chairman Montek Singh Ahluwalia.

According to the terms of reference (ToR), the EGoM is to consider a pricing policy for petrol and diesel, including decontrol, he said, adding that it also has to decide on ways to bridge the deficit between imported cost and retail price of LPG and kerosene through a marginal price hike.

For petrol and diesel prices to be freed from government control, rates would have to be raised by over Rs6 a litre.

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