Underrecovery from sensitive petroleum products seen at Rs 1,55,000 cr in current fiscal.
Taking suo moto cognisance of reports of the Centre's move -- ahead of Gujarat assembly polls -- to increase the cap on subsidised LPG cylinders, the Election Commission has directed it to stop the same forthwith. The Commission held an emergency meeting soon after the Minister of Petroleum and Natural Gas M Veerappa Moily said the government will raise the cap on the supply of subsidised cooking gas to nine cylinders per household a year from six at present.
The LPG model was launched a fortnight ago. Chevrolet is now hoping to rev up the car's sales with a diesel option in June.
Now, non-subsidised liquefied petroleum gas price is hiked by Rs 26.5 per 14.2-kg cylinder.
Raise the price of diesel and restrict supply of subsidised LPG cylinder in a year to four per family, Prime Minister's Economic Advisory Panel suggested on Friday.
The government on Tuesday ruled out any further increase in diesel and cooking fuel prices even though the current retail rates are lower than their cost of production.
The government is mulling building a Rs 2,760 crore (Rs 27.60 billion) strategic storage facility by 2007-08 to stock 45-days requirement of liquefied petroleum gas as cover for emergencies.
The deficit stood over Rs 8 trillion in the first seven months of the current financial year. Non-tax revenues, comprising transfers from the RBI and dividends of the public sector units, shored up the Centre's revenues.
A CNN-IBN Urban India Ooinion Poll shows the recent economic reform move of the government has not gone down well with the urban India. The poll shows that while the price rise and corruption remain the major concerns for the urban India, there is also a massive anger over cap on LPG subsidy and diesel price hike among the people across the cities.
Hindustan Petroleum Corporation Ltd is to set up three liquefied petroleum gas bottling plants with an investment of Rs 55 crore (Rs 550 million) even as it plans to introduce the 5-kg LPG cylinders in the urban areas.
As other members of the government have pointed out -- Rural Development Minister Jairam Ramesh and Chief Economic Advisor Kaushik Basu among them -- India cannot afford to delay increasing prices, given the ballooning subsidy bill.
The seeding of LPG database with Aadhar numbers is above 55 per cent and overall Aadhar penetration is 90 per cent in these districts.
The three state-owned fuel retailers have been "directed to stop supplies of LPG refills to households having multiple- connections for which no KYC (Know Your Customer) details have been received, with effect from June 1," a statement issued by Indian Oil Corporation, the nation's largest oil firm, said.
Gandhi also raised the issue of rising prices of LPG cylinders and said crores of beneficiaries of the Ujjawala scheme are not able to afford a refill.
The government also withdrew the five per cent VAT on compressed natural gas besides bringing back the VAT for tea, coffee and cocoa to five per cent from the proposed 12.5 per cent.
'Once elected, you have to act like people's representative for the full five years or else people show you your place.'
With rupee falling to new lows, losses on diesel and cooking fuel have widened to their highest levels this year, upsetting the government's subsidy maths.
The government on Monday constituted an inter-ministerial task force under UIDAI chairman Nandan Nilekani for evolving mechanisms to provide direct subsidies on kerosene, cooking gas and fertilisers to intended beneficiaries.
The government on Friday decontrolled petroleum prices to bring fuel costs in line with global oil rates after an Empowered Group of Ministers, headed by Finance Minister Pranab Mukherjee, met for the second time in less than three weeks to decide on raising fuel prices. Railway Minister Mamata Banerjee was absent again.
This will pave the way for emergence of 24,000 new panchayat-level leaders in Telangana, he said.
Time opportune before state polls as inflation is moderating.
Petrol pumps in many cities witnessed long queues on Tuesday as people came to fill up their vehicle tanks fearing shortage of fuel amid the protest by truck drivers against a provision in the new penal law on hit-and-run accident cases involving motorists.
Modi said there has been a 'silent revolution'.
Referring to long-pending insurance bill, he said "we are on the verge" of opening the sector a little more.
Ahead of the crucial third round of discussions, the opposition INDIA bloc on Wednesday exuded confidence that it would provide a formidable alternative to bring political change in the country and asserted that it has several prime ministerial faces against BJP's only one.
In moving scenes at the spot, women were seen wailing, possibly over the loss of a dear one, while a child recalled the tense moments before fleeing to safety.
The government will phase out subsidies on LPG and kerosene by 2007, petroleum secretary S C Tripathi said on Friday.
The decision was taken at a full commission meeting held on Thursday under the chairmanship of Chief Election Commissioner V S Sampath, and communicated to the Union Cabinet, which met to take a call on the matter.
The blast occurred on Tuesday evening at Himachali Rasoi restaurant, known for serving Himachali cuisines, located in Middle Bazaar adjacent to the fire brigade office in the heart of the city.
IndianOil Corp Ltd, for instance, saw a growth of around 22 per cent in volumes and nearly two per cent in its market share. It traded nearly 10,517 million tonnes (mt) of auto gas in December against 8,593 mt of auto gas in September.
Maruti Udyog Ltd on Thursday launched an LPG variant of its commercial vehicle Omni Cargo, India's first clean fuel vehicle used for transport applications.
The Oil Ministry will raise the cap on supply of subsidised cooking gas (LPG) to 9 cylinders per household in a year provided the Finance Ministry agrees to give an additional Rs 3,000 crore in 2012-13.
Government has begun drawing contingency plans to avert any shortage of domestic cooking gas as a result of go-slow agitation by employees of the country's largest oil company Indian Oil Corp.
Rumour-mongering has largely affected the process to calm down the situation and bring peace in troubled Manipur.
This is prime minister's second visit to Bhutan and the first since his re-election.
Petrol and diesel sales in India jumped in September as economic activity picked up with the nearing festival season and the ending of the monsoon raised the demand, preliminary industry data showed. Petrol sales soared 13.2 per cent to 2.65 million tonnes in September when compared to 2.34 million tonnes of consumption in the same month last year. Sales were 20.7 per cent higher than Covid-marred September 2020 and 23.3 per cent more than pre-pandemic September 2019.
A decision on raising diesel prices by Rs 3-5 per litre, kerosene by Rs 2 and LPG by up to Rs 50 per cylinder will be taken after UPA Chairperson Sonia Gandhi returns from US, top government officials said.
Petroleum Minister Ram Naik Friday indicated that prices of domestic cooking gas may be hiked before the Budget to check growing subsidies but said consumer interest will be kept in mind while taking any such decision.
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