The Union Cabinet has approved giving powers to public sector oil companies to develop their own crude oil import policy. “The Cabinet has approved that oil PSUs shall be empowered to evolve their own policies for import of crude oil consistent with the guidelines of the Central Vigilance Commission and get them approved by their respective boards,” an official statement said.
Ravi Shankar Prasad, Minister for Communications and Information Technology, said after the Cabinet meeting, “The crude import policy needs to be modified to bring it in tune with current needs. The current market practices for purchase of crude oil on spot basis also need to be adopted to compete effectively in the market. The current policy has certain limitations and restrictions in this regard which has now been done away with.” Prasad added that the measure will increase the operation and commercial flexibility of oil companies and enable them to adopt the most effective procurement practices for import of crude oil.Share This