(a) whether the Government has ordered as audit into the records of 12 public
sector oil giants like IOC, ONGC etc. to evolve better norms to price the products and to calculate the subsidy to be granted to them;
(b) if so, the details thereof; and
(c) the other steps taken to monitor petroleum and gas activities to ensure
transparency and to protect interest of the consumers?
MINISTER OF THE STATE IN THE MINISTRY OF COMPANY AFFAIRS (PREM CHAND GUPTA)
(a) & (b) Government has issued an order in exercise of powers u/s 233 B of the
Companies Act, 1956 that audit of cost records as maintained under Cost Accounting
Records (Petroleum Industry) Rules, 2002 be conducted in respect of the companies
indicated at Annex, for the year ending 31.03.07 and every financial year thereafter.
(c) The physical and financial activities of oil PSUs are monitored by the Ministry
of Petroleum and Natural Gas through regular quarterly performance review meetings.
Besides, Petroleum & Natural Gas Regulatory Board is being set up to promote
competition in the oil and gas sector, ensure transparency and to protect the
interest of the consumers.