With global crude oil prices climbing to their highest level in two-and-a-half years, Oil Minister S Jaipal Reddy on Friday said a ministerial panel will take a call on raising petrol and diesel prices.
Petrol price will go up Rs 3.73 a litre if the domestic prices are aligned with international rates.
Oil Minister Murli Deora on Wednesday said his ministry is not in favour of raising diesel and domestic LPG prices as response to spurt in global crude oil prices, as the move will add to already high inflation rate.
The ban on onion export is temporary and will be reviewed every two weeks until its prices decline below Rs 15 per kg.
An Empowered Group of Ministers, headed by Finance Minister Pranab Mukherjee, is likely to meet on May 21 to decide on freeing petrol and diesel prices from government control.
A decision on the legal right of the poor to get wheat or rice at Rs 3 per kg was deferred on Thursday as Food and Agriculture Minister Sharad Pawar could not attend the meeting of a panel of ministers on the Food Security Bill on health grounds.
When Finance Minister Pranab Mukherjee entered the Committee Room in North Block for the empowered group of ministers' meeting on fuel price hike on Monday, he found Communications Minister A Raja already sitting there.
According to sources, DoT has been asked to prepare a matrix of various levels of reserve price and spectrum usage charge at every Rs 1,000 crore (Rs 10 billion) difference in descending order and the impact that would have on tariffs for end-consumer and the revenue accrued to the government.
The Inter-Ministerial Group for modernising Delhi and Mumbai airports would shortlist the preferred bidders for the airport revamp joint ventures within the next few days, Civil Aviation Minister Praful Patel said on Wednesday.
The Cabinet on Friday fixed a minimum or base price of Rs 14,000 crore for the Supreme Court mandated auction of telecom spectrum.
The empowered group of ministers headed by Finance Minister Pranab Mukherjee is being convened soon to discuss a combination of a price hike and a reduction in government duties.
After poor response to last month's 2G spectrum sale, a ministerial panel on telecom on Friday decided to lower the base price by 30 per cent for radiowaves in 1800 Mhz band in four circles, which attracted no bidders, for fresh auction this fiscal.
ADAG group company Reliance Energy Ltd is the second-lowest bidder for the Rs 16,000 crore (Rs 160 billion) project, after Lanco. However, with the Lanco bid becoming invalid, REL could claim to be the lowest bidder.
In a surprise move, the Ministry had on October 10 moved a note to the Empowered Group of Ministers opposing a hike in price of RIL's KG-D6 gas before April 2014 even though the company itself was not seeking a revision before that date.
A week after the steep hike in petrol prices by Rs 5 a litre, the government on Monday said a ministerial panel is likely to meet in the next few days to take a decision on raising diesel, LPG and kerosene rates.
Multiple disputes to ensue; auction begins today, but will do little to quell uncertainty.
After the empowered group of ministers' meeting on the 3G spectrum auction, finance minister Pranab Mukherjee was surrounded by journalists.
A hike in diesel and domestic LPG prices has been deferred for now, but an increase in petrol prices later this week looks imminent.
A Rs 3-4 a litre hike in the price of petrol, which had been freed from government control last June, is also on the cards immediately after polling in the last phase of Assembly elections is completed on May 10.
Incumbent operators can retain 2.5-MHz spectrum in 900-MHz band, rest to be refarmed decision final.
The group also said that the companies will have to pay a market price if they merge or acquire another company, which was allocated spectrum at old price of Rs 1,658 crore.
Finance Minister Pranab Mukherjee has asked Communications Minister Andimuthu Raja to complete the auction of the third generation (3G) spectrum within the agreed deadline (February 15), so that the revenue from it can be reflected in the Union Budget for 2009-10. Mukherjee had earmarked Rs 30,000 crore as revenue from 3G auction, which has already been delayed by a year, in the Budget.
Operators say no option but to challenge it in court, decision on refarming deferred
An Empowered Group of Ministers (EGoM) may go with Oil Minister Murli Deora's proposal to free petrol prices from government control, which would trigger a hike of Rs 3.73 a litre, official sources said.
While it gives clarity on one regulatory issue, the financial burden increases for the sector.
Union Home Minister Amit Shah will visit Arunachal Pradesh on April 10 and 11 where he will launch the 'Vibrant Villages Programme' in Kibithoo, a village along the India-China border.
The Cabinet Committee on Economic Affairs has approved the purchase of 68 aircraft by the country's flagship carrier Air India, Civil Aviation Minister Praful Patel said on Thursday.
Internet giant Google is investing $10 billion in India's digitisation fund, its CEO Sundar Pichai has told Prime Minister Narendra Modi, a step that will recognise India's leadership on fintech and will support small and large businesses in India, the US and around the world. Pichai met Prime Minister Modi in Washington on Friday and also announced the opening of Google's global fintech operation centre in the Gujarat International Finance Tec-City (GIFT) in Gandhinagar. "It was an honour to meet Prime Minister Modi during the historic visit to the US. We shared with the Prime Minister that Google is investing $10 billion in India's digitisation fund," Pichai said.
Four new players will be given spectrum along with one existing operator Bharat Sanchar Nigam or Mahanagar Telephone Nigam - in their respective circles.
External Affairs Minister Pranab Mukherjee, who heads an Empowered Group of Ministers on Special Economic Zones, is likely to consult Prime Minister Manmohan Singh to resolve the dispute between finance and commerce ministries over tax exemption for export profits from the zones.
Two decisions by an empowered group of ministers on Tuesday demonstrated the government's continuing inability to come to grips with the problems being faced by the aviation sector.
With food inflation ruling at uncomfortable level, Petroleum Minister S Jaipal Reddy on Thursday ruled out freeing of diesel prices from government control, saying the move was not politically and practically feasible.
With huge stocks and a possible record output this year, the Centre will soon take a decision whether to allow export of wheat, which was banned in early 2007, Food And Agriculture Minister Sharad Pawar said here on Thursday
State-owned oil firms have seen their losses on diesel sales widen to over Rs 6 per litre, even as a ministerial panel meeting on raising prices has not yet been scheduled.
A committee of secretaries is already looking into the issue of pricing, which companies like RIL, British Gas and British Petroleum have said should be market-determined.
Time opportune before state polls as inflation is moderating.
At least clear zones where firms have own land, says minister.
If approved, many proposals will have a significant impact on the SEZ policy, which came into force in February 2006. A crucial finance ministry proposal -- to be discussed by the group -- is imposing an export obligation in excess of 50 per cent on developers and units that will be eligible for duty and tax benefits.
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