Will the government postpone the dismantling of the administered pricing mechanism (APM) for petroleum products beyond the current schedule of April 1, 2002? Given the mounting oil pool deficit and the professed disinclination of the finance ministry to take the pool account deficit on to the budget, such a possibility cannot be ruled out. It would be an unfortunate development, however, and wholly avoidable. The government must take a firm stand on sticking to the current timetable for freeing up petroleum product prices. Further, decontrol must go beyond prices and extend to removing the stifling restrictions currently proposed for entry into the business of marketing oil products.
