The government has ruled out any possibility of revision of oil and gas prices. Petroleum Secretary, R. S. Pandey said that the government is not working on any proposal to increase the prices of gas produced by Oil and Natural Gas Corporation and Oil India. 

However, he did not disclose about the note in which the union cabinet had decided, last year, to revise oil and gas prices on a nomination basis to Rs. 3.71 from the current Rs. 3.2 a cubic meter. 

The cabinet had proposed the price of gas produced by OIL at Rs. 4.15 a cubic meter. Mr. Pande said that the prices of fuel should be competitive as India is a fuel deficient country. The prices should be fixed on the basis of the content of energy and its environmental impact. 

Meanwhile, the state run ONGC wants increase in gas prices. The company is facing a loss of Rs. 700-crore per year due to mismatch between demand and supply.

The government is planning to start next round of bidding for oil and gas blocks by year-end. It was informed by the Director General of hydrocarbons, V.K. Sibal