"The meeting was inconclusive. Time did not permit us to make the two presentations we had prepared (on the issues). The discussions will continue," Petroleum Minister Mani Shankar Aiyar told reporters after an hour-long meeting.
The petroleum ministry had proposed raising the price of natural gas from Rs 2850 per thousand cubic meters to Rs 3200 per thousand cubic meters for fertilizer units and Rs 3600 per thousand cubic meters for power sector on a provisional basis.
All the gas produced by private firms was to be sold at market price, which is almost double of the current price.
The GoM was also to consider setting up of the Petroleum and Natural Gas Regulatory Board to oversee downstream oil refining and marketing of petroleum products, natural gas sale, transportation and product and gas pipeline.
"Before the next meeting of the GoM, secretaries of the departments concerned will meet to sort any issues," he said.
Though Aiyar did not say when the next meeting of the GoM would take place, he said he expected the process to be completed before the Budget.
"The idea is not to try and delay things but to fix them before the Budget session of Parliament (beginning in last week of February)," he said.
Officials said the Oil Ministry had turned down suggestions from the Planning Commission for setting up a single regulator for the entire energy sector saying two crucial sectors of coal and power were on the concurrent list with both Central and State governments having say over the policy matters.
Besides, the Supreme Court has ruled that natural gas will remain under exclusive jurisdiction of the Centre. The ministry said given such a structure, it was not practical to have a single regulator.
Besides, it also turned down suggestions of including upstream oil and gas exploration and production in the proposed Board. It said the directorate general of hydrocarbons was the regulator for upstream projects and this was in concurrence with international best practice.
The GoM, comprising ministers of defence, finance, power, petroleum and fertiliser and Planning Commission deputy chairman, was also to consider raising transportation tariff on the trunk HVJ pipeline by Rs 10 per thousand cubic meters, the official added.