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Home News Power Sector News coal prices likely likely to increase - says coal minister

coal prices likely likely to increase - says coal minister

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CoalBlack diamond may become marginally costlier in line with the fuel's rising trend in international markets, provided PM Manmohan Singh allows it, coal minister Sriprakash Jaiswal said after taking charge of the ministry. "We might consider introducing a nominal hike in coal prices in keeping with rising international prices," Jaiswal said. As a qualifier, he said prices would be raised only after consultation with the PM and would be kept at a minimum. "We will ensure that the hike is nominal and not a burden on people."

But the incremental rise will be marginal and may not have to be passed on to consumers of power or steel. Jaiswal said the increase was also required to neutralise the impact of salary revision of coalminers due to the implementation of the sixth pay panel's report.

State-owned Coal India Ltd, accounting for nearly 90% of production, has not raised prices for nearly two years despite rising wage bill and input costs. Coal India chairman Partho Bhattacharya said many new projects would become unviable if prices were not revised and the company couldn't take up new projects to increase supplies.

Jaiswal said he would improve distribution and production to ensure timely supply to consumers and give prompt attention to issues regarding acquisition of land for new mines. "Land acquisition should be done in such a manner that no one is left dissatisfied with the outcome. I have suggested that the Haryana model in this respect could be looked into as a model for all our acquisitions."

Haryana has increased the compensation to farmers for the land acquired and attached benefits like inflation-linked royalty for 33 years. A member of the farmer's family also gets a job at the unit which comes up on the acquired land.

Source- Times of India

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