Producers such as Reliance Industries (RELI.NS) and state-run ONGC (ONGC.NS) want a price hike because the cost of exploring new reserves - many of which are in deep water - is more than the current price, leaving them reluctant to take the risk. But any increase in prices would be unpopular with consumers as it would drive up inflation. India is a large importer of energy. Its net energy imports last fiscal year amounted to 6.3 percent of gross domestic product. Reliance, ONGC and Essar Oil (ESRO.NS) could not immediately respond to requests for comment outside regular business hours.
Posted on: Thu, 26 Jun 2014 03:59:32 +0000
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