Declining crude price translates into lower under-recoveries for OMCs
Since August, petrol price has been cumulatively cut by Rs 9.36 per litre.
'The last four years was not Dravidian rule, it was BJP rule by proxy.'
But demand has shown signs of pick up in the last 10 days of April after the government allowed resumption of economic activity beyond the urban municipal limit.
Petroleum Minister Murli Deora on Monday ruled out any rollback in the increased prices of petroleum products, saying the hike has been reasonable and minimum. "The hike is reasonable and minimum ...," Deora told reporters here.
Sharpening his attack on the Rashtriya Swayamsevak Sangh and Narendra Modi, Congress vice president Rahul Gandhi on Thursday accused them of trying to usurp the legacy of Sardar Vallabhbhai Patel and recalled the Congress stalwart's description of the RSS as "a venomous organisation" which could "finish" the country.
Renewable energy is mistakenly restricted to electricity.
In June, the government had decontrolled petrol, causing a hike of Rs 3.5 per litre, and increased diesel prices by Rs 2 a litre, LPG by Rs 35 a cylinder and kerosene by 3 a litre -- amid protests by opposition parties.
Food inflation, at almost 17 per cent, along with the rise in fuel prices will be a bitter pill for consumers.
Profit on sale of diesel swelled to Rs 1.90 per litre as oil ministry awaits return of Prime Minister Narendra Modi to cut rates.
The increase in petrol price, which the oil firms had been holding since January even though crude oil had touched a two-and-a-half-year high, came a day after election results of five state assemblies were announced.
Moily insisted that no proposal has been moved to the Cabinet for raising diesel rates beyond the 40-50 paise a litre monthly increase, which has been implemented since January.
He may not have been declared Bharatiya Janata Party's prime ministerial candidate just yet but Gujarat Chief Minister Narendra Modi on Wednesday seemed to have already donned the mantle when he said the nation would be comparing his speech with that of Prime Minister on Independence Day on Thursday.
The fuel price revision on Wednesday is likely to wipe out the Rs 1,100 crore net revenue earned by the three oil marketing companies--Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation -- in the last one month, say officials from these companies.
An interplay of Modi government's outreach in Bihar and the sequence of events in Chirag Paswan's life could make Bihar a game of musical chairs when the results are out.
'Chidambaram, lots of people argue not without justification, is all about bluff and bluster without any concrete achievement on the ground. His record in the finance ministry fully endorses that view,' argues Virendra Kapoor.
Sharp reactions met the government's decision to enforce the single-steepest hike in fuel prices on Wednesday, and it came under attack from its allies as well as opposition parties.
The government-appointed Kirit Parikh committee suggested an 'immediately' hike prices of diesel by Rs 5 a litre, Rs 4 per litre in kerosene and Rs 250 per cylinder in LPG, reduce annual entitlement of subsidised cooking gas cylinder from six from nine and phase out diesel subsidy in one year to cut a record subsidy burden.
With the assembly polls in major states concluding, the government may slash petrol price next week by Rs 10 a litre, diesel by Rs 3 per litre and domestic LPG by Rs 20 per cylinder in line with fall in global oil prices.
'COPD causes an economic loss of Rs 35,000 crores.' 'We cannot afford to lose such a huge amount due to one disease.' 'COPD is a non-communicable disease and that's why it remained low in priority.' 'The time is right to shift the focus to COPD as HIV/AIDS and TB are under control. 'This badly neglected disease has become the second largest cause for deaths in India.' 'It is time for us to wake up and give due importance to this disease.'
While the likelihood of these states going the Lanka or Greece way may be an alarming assessment, the financial situation of some states such as Punjab and West Bengal is indeed quite weak.
Oil Ministry felt it did not have a clear mandate to reduce rates post the January 2013 decision of the Cabinet to raise prices by 40-50 paisa a litre every month.
ONGC and Oil India might be hit because of this additional burden which they might have to take because of crude going to $100 per barrel.
'We worked hard, brought a very positive manifesto saying this is what we have done and this is what we will do.' 'But people liked something else.' 'They didn't like expressways, they want a bullet train.' 'I have realised that in a democracy, the poor doesn't know what they want.'
That "Rollback Budget" ushered in an era of rollback.
State-run Indian Oil Corporation on Wednesday it was incurring a loss of Rs 50 crore (Rs 500 million) per day on sale of all fuel products but petrol.
The government has chosen to profiteer off people's misery and suffering, Gandhi said.
The government on Thursday more than doubled the price of natural gas that is used to produce electricity, make fertilisers, turned into CNG and piped to household kitchens for cooking, on the back of a spike in global energy prices. The price of gas produced from old regulated fields, such as the nation's largest gas field of Bassein of ONGC, will rise to a record high of $6.10 per million British thermal unit (mmBtu) from the current $2.90 per mmBtu, according to the oil ministry's Petroleum Planning and Analysis Cell (PPAC). The new price, which is likely to result in a hike in CNG and piped cooking gas rates, will be for six months beginning April 1.
NDA's energy plan powered UP win, but it's not a winner yet. Centre has claimed to have saved money by targeted coverage but critics say the system is not yet foolproof.
In a gross violation of a Supreme Court order, people in several cities burst firecrackers until at least midnight, two hours after the 10 pm deadline. Loud bangs rent the air in New Delhi.
'My wife, who expresses her fears and anxieties every night when I return home after doing my duty at a COVID-19 containment zone, promptly wakes me up the next morning so that I can report for duty on time.'
The loss on diesel sales has inched up marginally to Rs 8.37 a litre even as a surge in international oil rates and a weakening rupee wiped out gains from a 50 paise increase in the price of the fuel.
The cost of paying the subsidy in cash has increased the money spent by the government.
Kejriwal blames Sukhbir Badal for blast, while Sukhbir, Amarinder blame the AAP chief for it.
Billionaire investor Rakesh Jhunjhunwala explains why he thinks Modi should be at the helm of India.
Every dollar increase in crude oil price will add Rs 4,000 crore to the overall underrecovery.
Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation are losing Rs 486 crore (Rs 4.86 billion) per day as they are made to sell diesel, domestic LPG and kerosene way below cost to keep inflation under check.
Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy announced an ex gratia payment of Rs 1 crore each to the kin of those killed in the incident.
