It is the account into which all revenues earned by the public sector oil companies are deposited and expenditures like subsidies are charged. The oil pool account has been terminated in 2002.

As part of dismantling of Administered Pricing Mechanism (APM) in the petroleum sector, various changes took place in 2002. These are:

• Consumer prices of petrol and diesel will become market determined.
• PDS kerosene and domestic LPG will carry subsidy at a specified flat rate basis which will be borne by the Consolidated Fund of India.
• Government will also provide freight subsidies for supply of PDS kerosene and domestic LPG to J&K, Himachal Pradesh, Uttranchal, Sikkim, North Eastern States and Andaman Nicobar & Lakshadeep Islands.
• The Oil Coordination Committee will stand abolished and the oil pool account will be wound up.

The Mashelkar Committee has recommended the following road map for future vehicular emission standards and the matching auto fuel specifications:

•   Bharat Stage-II emission norms in the cities of Hyderabad, Bangalore and Ahmedabad latest by the end of the year 2003;

•   Extension of Bharat Stage-II emission norms to the whole country from 1.4.2005;

•   Introduction of Euro-III equivalent emission norms in 7 mega cities from 1.4.2005; and

•   Extension of Euro-III equivalent emission norms to other parts of the country from 2010.

Bharat Stage 6 norms equivalent to Euro 6 norms have been introduced from 1 April 2020.

•   Consolidated Fund of India was constituted under Article 266 (1) of the Constitution of India. Revenues received by the government and expenses made by it, excluding the exceptional items, are part of the Consolidated Fund.

•   No money can be withdrawn from this fund without the Parliament’s approval.