October 30, 2010 11:15 AM

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Centre to intervene if oil prices rise further

The Centre says it will suitably intervene in the pricing of petrol and diesel in case of high rise and volatility in the international oil prices. As already reported, in line with the recommendations of the Kirith Parikh Committee, the Centre has decided that the pricing of petrol and diesel at the refinery gate and the retail level will be market determined. However, the prices of diesel will be staggered over time to minimise its impact on the poor and vulnerable sections of society. The subsidy on kerosene through Public Distribution System and cooking gas will continue. Apart from this, freight subsidy to these products has been extended till March, 2014.

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