Chidambaram Says India Considers Freeing Oil, Gas Price Controls
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India is considering freeing prices of oil and natural gas drilled locally from state controls in a bid to lure more foreign investment, Finance Minister Palaniappan Chidambaram said.
“We are at an advanced stage -- a cabinet paper is under consideration on how to move from an administratively fixed price to a market-related price for oil and gas explored and excavated by companies,” he told investors in Toronto as he started a tour of Canada and the U.S. to woo investors.