Govt likely to deregulate petrol and allow pump owners to set their own prices from November.
From 1st November 2022, the Govt is planning to let the pump owners set their own prices by deregulating the prices of petroleum products. According to the sources, a summary in this regard will be submitted to the Economic Coordination Committee (ECC) of the Cabinet by mid-September.
Oil Marketing Companies (OMCs) had agreed that their margins may be fixed at Rs. 6 per liter for both petrol and High-Speed Diesel (HSD) for an interim basis till November. The new OMC margins are set to be effective from next month.
The Oil and Gas Regulatory Authority (OGRA) has also been asked to conduct a thorough analysis of the implications of deregulating the petroleum prices by consulting with the stakeholders, especially in reference to the freight equalization protection of dealer’s margins and the collection of sales tax on these margins.
