ALSO READDrop in crude oil prices is good for economy on all counts: Deepak Mahurkar Positive outcomes of E&P policies take about a decade: Deepak Mahurkar Centre notifies GCV-based gas price of $5.05 mmBtu for five months Oil subsidy to drastically fall during 2014-15 OIL, ONGC unlikely to benefit even as govt reworks subsidy sharing formula
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Diesel and petrol price decontrol is expected to induce competition in fuel retailing. Consumers will benefit up to 10% in near term with combination of quantity and price check. Targeted LPG and kerosene subsidy will save the exchequer of hundreds of crores of rupees resulting into developmental spending with mid and long term benefits to common people.