The first strategic oil reserve of 1.33 mln tonnes will be ready in Visakhapatnam by next month and this will be followed by two more facilities.
NITI Aayog's chairman and Prime Minister Narendra Modi is scheduled to preside over the meeting on February 6.
There would be a separate policy for large fields such as Cairn India's Rajasthan block and Reliance Industries' KG-D6 block.
Industry experts said that state-run oil cos may have to cut petrol and diesel rates either this week or by January 31 ahead of the elections in Delhi.
Cabinet has asked ministry to examine if recently approved gas pricing formula, from which a per-unit rate of $5.61 was derived, can be extended to several exempted blocks.
Price reductions may not be very sharp though even as India’s average crude oil import bill has fallen by $9-10 per barrel, officials said.
The govt is examining a proposal to tweak the newly approved gas price formula to bring in a cap with the aim of protecting consumers from volatility in the international market.
The government recently decided to extend subsidy on gas produced by private firms to send a positive signal to global investors, oil ministry officials said.
These discoveries have at least 4 trillion cubic feet (TCF) by way of reserves, enough to generate 4,000 MW of power for two decades.
The company has also roped in athlete Milkha Singh as principal mentor of the project and has already shortlisted about 50 teenagers.
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