Two months after the Government decided to defer the implementation of Nearly two months after it put off a steep gas price revision, the Government has constituted a four-member committee of secretaries to hold consultations with stakeholders before deciding on the quantum of hike.
“The committee will comprise secretaries of power, fertilizer and expenditure while additional secretary in the oil ministry will be member secretary to the committee,” said Rajive Kumar, Additional Secretary in the Oil Ministry here.
The panel will hold extensive consultations with stakeholders, primarily gas consumers and producers and submit a report within 2-3 weeks, he said. “The first meeting is scheduled for Monday.”
The Cabinet Committee on Economic Affairs had on June 25 deferred by three months the implementation of the Rangarajan formula that would have doubled gas price to USD 8.4 per million British thermal unit.
The Rangarajan formula, approved by the previous UPA government, was to be implemented from April 1 but was deferred by three months as general elections were announced. The NDA government on June 25 postponed its implementation by a further three months pending a comprehensive review.