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Sector Update: Oil & gas

EGoM meet on diesel/LPG price hike likely on Dec 30, 2010
As per media reports, the Empowered Group of Ministers (EGoM) is likely to meet on December 30, 2010 to review the price of diesel and liquefied petroleum gas (LPG; the meeting was earlier scheduled for December 22, 2010). The interesting addition to the agenda is the review of the LPG price, which was not part of the original agenda (only a hike in the price of diesel was on the original agenda). Currently, retail selling price of diesel is at Rs37.75 per litre and that of LPG is at Rs345.35 per cylinder in New Delhi.
Street’s expectation:
A Rs2-per-litre hike in the price of diesel .
Around Rs50-per-cylinder increase in the LPG price.