The government's plans to reign in petroleum subsidies to plug the fiscal deficit next financial year are in jeopardy, as a whopping Rs 2.13 lakh-crore revenue loss is expected at the current levels of global crude oil prices and domestic retail prices of controlled products.
The two government upstream companies, along with GAIL, make good a third of the losses made by government oil marketing companies.
Food inflation has entered negative territory but consumers have had no respite on cost of living.
With the prevailing uncertainty in equity markets and an indefinite postponement of hopes of any recovery, retail investors accessing stock markets through equity mutual fund schemes are wriggling out fast.
Petroleum secretary G C Chaturvedi said the arbitration notice grants a time of up to a month to respond and there was no hurry.
The consumption of petroleum products in India is growing at a rate much lower than the conservative projection of 4.58 per cent made for this year by the Petroleum Products Planning and Analysis Cell (PPAC), a wing of the petroleum ministry.
Seeks deferred payments for domestic purchases, dollar window.
Days after a Rs 3 per litre rise in petrol prices, it is the turn of compressed natural gas. Indraprastha Gas (IGL), monopoly marketer of CNG in and around this metropolis, is looking at raising the price by up to six or seven per cent (Rs 2 per kg) sometime next week, due to higher cost on account of a weakening rupee.
With the government preparing to restrict the number of subsidised cooking cylinders, oil marketing companies have launched a 'transparency' portal that allows customers to keep an eye on the number of cylinders sold in their account by the dealer.
Following decontrol of its price, the consumption of petrol is rising at a much slower rate than used to be the case.
The sale of branded petrol and diesel, considered to be more efficient, has dipped by 27 and 50 per cent, respectively, in 2010-11 over the previous year (see chart), despite OMCs selling the products at a thin margin of less than a rupee.
The sugar industry is gearing up to offer the entire quantity for the tenders, which will close on September 2.
They say enough correction already; monthly net investment hits 24-month high.
Global product prices have declined on apprehension of a fall in consumption in the US after a rating downgrade recently.
An Iranian delegation is expected to visit India this weekend to discuss an arrangement under which Union Bank will make payments to Halk Bank in Turkey.
Oil marketing companies to lose 10 paise on petrol and Rs 6 per litre on diesel from next month.
Not many takers for debt funds with longer maturity.
Oil companies begin pilot testing work on direct LPG subsidy.
ONGC's return on investment becomes positive after govt makes Barmer block royalty cost-recoverable.
In a move that will give the better and cleaner environment agenda a boost, the reach of Euro-IV fuel (diesel and petrol) will be expanded to seven more cities in the current financial year. This less polluting fuel was launched about a year ago in 13 cities.
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