New Delhi, Dec 14 (IANS) Chairman of the state-run oil explorer, ONGC Ltd, R.S. Sharma said there was “no case” for subsidizing petrol.
The government had appointed a committee, headed by Kirit Parikh, to come up with a mechanism for the pricing of petroleum products. The report is expected to be submitted in January 2010.

“One thing is obvious, in India there is no case for subsidising petrol,” said ONGC chairman Sharma in an interview to CNBC-TV18.

“There would be a case for diesel to give some subsidy, but the consumer obviously must feel the pinch in case the crude prices go up. The consumer must accept this and in that case they have to bear some of the burden,” he said.

As an upstream major, ONGC along with Oil India Ltd and GAIL India Ltd has to bear part of the burden of subsidizing the price of petroleum products, which includes petrol, diesel, kerosene and cooking gas, sold by oil marketing companies.

ONGC has already made presentations before the Parikh Committee asking for imposition of windfall tax.