No review of India's decision on gas pricing-oil minister

Last Updated: Thu, Jul 11, 2013 11:30 hrs

India's decision to raise prices of locally produced gas will not be reviewed, the oil minister said on Thursday, allaying fears that New Delhi may consider a roll-back.

"No question of review of CCEA's (Cabinet Committee of Economic Affairs) decision on gas pricing," Veerappa Moily told reporters.

India last month took the unpopular step of approving a gas price rise for the first time in three years, a move which could inject much needed investment in local production, but boost imports of more costly LNG.

Demand for gas in India far outstrips consumption, but prices have been kept low for strategic industries, deterring investment in the sector. India has few energy resources other than coal and is the world's fourth-biggest importer of fuel.

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