Moily said ministry accepted all Rangarajan panel recommendations, which proposed a new formula to link natural gas prices with international benchmarks.
In less than three months since he took charge as petroleum minister, Veerappa Moily has been able to resolve several controversial issues in the oil and gas sector.
Diesel decontrol has catalysed the disinvestment programme as the government has raised the valuation of the 10% stake sale in Oil India (OIL).
Planning Commission is creating this energy model because the country has separate ministries and departments for different types of energy.
The race for the post of petroleum secretary has begun with four candidates vying for the top job after the incumbent GC Chaturvedi retires this month.
Raising diesel, kerosene and LPG prices in a staggered manner is part of the govt's plan for fiscal consolidation.
India must strive for complete energy independence by 2030, which is very much possible, Oil Minister Veerappa Moily said.
Ministry proposes to hike diesel prices by less than a rupee/month, reduce subsidy & raise cap on cylinders
The oil ministry has moved two separate cabinet notes - one to raise cap on supply of subsidised cooking gas cylinders and the other to increase fuel prices.
The oil ministry has allowed diversion of scarce gas between two or more power plants of same company to improve output.
Rangarajan panel has proposed that domestic natural gas providers should get gas price similar to prices producers receive in other gas-producing destinations.
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