Oil min for quick decision on Cairn-Vedanta deal

India's oil ministry wants the cabinet to decide on a deal for Cairn Energy to sell control of its Indian assets to Vedanta Resources as quickly as possible, Petroleum Minister S Jaipal Reddy said on Friday. He said the ministry has floated a cabinet note on the Cairn Vedanta deal and the idea is to take the note as soon as possible. He said officers from the ministry are following it up with key ministries like Finance, Corporate Affairs and the Law ministry.

He also said he would like any decision by companies on petrol prices hike to be taken after a meeting of a panel of ministers on fuel prices.

On the volatile crude prices, he said an EGoM would likely be called and it would be advisable for oil marketing companies to wait for the EGoM's decision before hiking fuel prices.

Commenting on Reliance's USD 7.2 billion deal with BP, Reddy said that he has received a formal request from RIL on the deal. He was quick to add that the RIL-BP deal and the Cairn-Vedanta deal should not be contrasted and compared.

Meanwhile, the Petroleum Secretary has said that there is no change in the government's policy on deregulation of petrol prices and OMCs continue to have freedom to determine petrol prices.