NEW DELHI: The government wants to get out of the oil business and bring in market competition for the benefit and convenience of consumers, oil minister
told TOIon Thursday.
“Oil (and) products are commodities and should be left to the market and regulator to deal with. The government has to get out. The PM’s energy justice is based on four consumer parameters — affordability, accessibility, sustainability and supply security. These are the government’s priority and it is meeting the objectives through transparent, process-driven policy,” Pradhan said.
Oil ministry readying rejig in other PSUs too
This is the first categorical statement from the government on the guiding principle behind the proposed sale of the country’s third-largest fuel retailer
The proposal is likely to be cleared next week and will mark the Modi government’s first strategic disinvestment in the oil sector, considered the administration’s key public interface with people. Simultaneously, Pradhan’s ministry is also readying a rejig in other state-run blue chips under its wings — splitting gas utility GAIL into pipeline and marketing arms and allowing flags