Piecemeal petro-pricing reforms

The expert group chaired by Kirit Parikh has submitted its recommendations to the government on pricing methodology for the Indian downstream industry. The term of reference of the expert group was spelt out, quite narrowly, to—a) review the current pricing methodology of petroleum products and recommend alternate mechanism benchmarked to Export Price Parity (EPP); b) suggest a formula to compensate oil manufacturing companies (OMCs) for under-recoveries; and c) propose measures for operating efficiencies.

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