Union Govern

New Delhi, Dec 16 : Union Petroleum and Natural Gas Minister Murli Deora today said that as India imports over 75 per cent of its crude oil requirement, the international oil prices have a decisive role in the domestic pricing.

In a written reply to a question by Raj Mohinder Singh Majitha and Shivanand Tiwari, Members of Parliament in the Rajya Sabha today, the Minister said, "Indian Basket of crude oil, which averaged $79.25 per barrel during 2007-08, had gone up to $142.04 per barrel on July 3.

The Election Commission of India has issued notice to Petroleum Minister Murli Deora for his remarks on effecting a fuel price cut.

Deora on Tuesday said the government will cut petrol and diesel prices after Assembly elections are over on 24th December.

"The international prices have fallen and there is an expectation that prices need to be reduced. I am also of the opinion that they should be reduced and that will happen after 24th December," Deora said

The Commission has sought an explanation from Deora over the reported remarks.

The chief election commission of India has served a notice to union petroleum minister Murli Deora for his alleged announcement on fuel price reduction.

Mr. Deora had announced price reduction in line with falling international prices of crude oil, after completion of the ongoing election process and opposition parties, especially, BJP, objected to the comments of the Union Minister. It filed a complaint against him before the election commission. Now, the EC has asked the union minister to file his reply by November 27 on his comments regarding price cut.

The union government is likely to announce slash in prices of petroleum products after ongoing assembly elections in six states. It is pointed out by Petroleum and Natural Gas Minister Murli Deora on Tuesday. He was here in the capital to attend the India-CIS Roundtable on hydrocarbons. He said that revision is possible only after last phase of assembly elections on December 24 due to election code of conduct. However, he declined to disclose quantum of price cut by the union government.

New Delhi, Nov 25 : Union Minister of Petroleum and Natural Gas Murli Deora has said that India welcomes participation of companies from CIS regions for investing in the Oil and Gas sector in India.

Speaking at the inaugural session of India-CIS roundtable in New Delhi today, Deora said that the possible areas for investments include Greenfield refineries and petro-chemical projects, exploration and production through New Exploration Licensing Policy (NELP).