Naphtha deregulation move – I: Who is subsidising whom? Posted on January 2, 1996 by Uttam Gupta Naphtha-deregulation-move-I-Who-is-subsidising-whom Tags: Naphtha: feedstock for fert industry', 'used for urea/ complex fertilizers', 'concessional rate for fertilizers', 'concessional excise duty', 'not a subsidy to fert industry', 'de-regulation: withdrawal of concession', 'Soundararajan Committee', 'restructuring of hydro-carbon sector', 'MPNG: R-Group', 'cost competitiveness'