Wholesale inflation fell to a 3-month low of 2.04 per cent in July on decline in prices of food items especially vegetables, government data released on Wednesday showed. The decline in wholesale price index (WPI) based inflation in July came after it rose for four months in a row till June, when it was 3.36 per cent. It was (-) 1.23 per cent in July last year. In April wholesale inflation stood at 1.19 per cent.
Divestment Ministry on Friday said it has received in-principle clearance from Petroleum Ministry and is going ahead with the sale of government equity in Oil India Ltd (OIL).
Key infrastructure sectors -- from railways to power, and from coal to petroleum -- will not only be part of the achievements but promises too, as the BJP fights to get a third term at the Centre.
The prime minister is scheduled to review the financial health of oil PSUs at a meeting with finance minister Pranab Mukherjee and petroleum minister Murli Deora on Wednesday evening.
India recorded the highest monthly exports during the fiscal in February, registering an 11.9 per cent growth to $41.4 billion, mainly driven by increased shipments of engineering goods, electronic items and pharma products. The trade deficit during February worked out to $18.7 billion, up from $16.57 billion in the year-ago month, as gold imports surged significantly. Merchandise imports were valued at $60.11 billion, up 12.16 per cent compared to $53.58 per cent in February 2023.
The recommendation to slash duty was made by the Bharatiya Janata Party to ease retail prices of petrol and diesel.
The Goods and Services Tax (GST) Council, scheduled to meet on June 22, could take a call on ending uncertainty on taxing foreign airlines and shippers as regards certain services, a senior official in the know told Business Standard. He said the Council was expected to decide on exempting the services in question from GST - aircraft lease rentals, maintenance, crew salaries, etc. These services are provided by foreign airlines to their Indian operations.
The Petroleum Ministry has asked for Rs 26,000 crore (Rs 260 billion) as fuel subsidy for the third quarter of this financial year, but the finance ministry is inclined to provide only Rs 10,000 crore (Rs 100 billion) cash support.
The Department of Disinvestment, which is looking at mopping up Rs 40,000 crore (Rs 400 billion) from the sale of shares in public sector units this fiscal, has raised about Rs 1,325 crore (Rs 13.25 billion) so far.
Currently, OMCs provide A-I a two-month credit. "There was a request from the committee of secretaries to extend the credit on ATF to three months from the existing two months to help Air India.
The government has told Cairn Energy that its deal with Anil Agarwal-promoted Vedanta Resources will go through only after a formal proposal to the government is made and all clearances are obtained.
Questioning the idea of market-determined prices for natural gas favoured by the petroleum ministry, the Planning Commission said on Tuesday that given the shortage of the fuel, the government had a role to play.
The petroleum ministry's call for an immediate Re 1 cut in excise duty on diesel has been rejected by Finance Minister P Chidambaram.
Petrol and diesel prices were cut by Rs 2 per litre each as state-owned oil companies ended a nearly two-year-long hiatus in rate revision, just hours before the general election schedule was announced.
The petroleum ministry has projected a strong year for the oil marketing companies though the largest exploration company, Oil and Natural Gas Corporation, is projected to post a moderate gain in its bottomline.
Petroleum Ministry is considering cutting down the number of independent directors on board in an oil PSU to 33%.
RBML - the joint venture of Reliance Industries Ltd and supermajor BP - has told the government that fuel retailing for the private sector in India has become unsustainable after market-controlling public sector firms frequently froze petrol and diesel prices at rates way below the cost, sources said. Despite a surge in oil prices, state-owned Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL) first froze petrol and diesel rates for a record 137 days beginning early November 2021 when five states including Uttar Pradesh went to the polls, and last month again went into a hiatus that is now 47 days old. "They (Reliance BP Mobility Ltd) has written to the petroleum ministry over the fuel pricing issue," a highly placed source in the government, who didn't want to be quoted, told reporters.
Wholesale inflation in the country rose marginally to 0.53 per cent in March compared to 0.20 per cent in the preceding month due to increase in prices of vegetables, potato, onion and crude oil. The Wholesale Price Index (WPI)-based inflation was in the negative zone from April to October and had turned positive in November at 0.26 per cent. The inflation in March 2023 was 1.41 per cent.
Shell gets govt's nod to import petrol, diesel
The Oil and Natural Gas Corporation may face delisting from stock exchanges as a petroleum ministry directive appointing additional government directors on company board has violated its listing agreement.
The government is unlikely to take up the issue of reducing petrol, diesel and domestic LPG prices on Thursday as consultations on petroleum ministry's simultaneous proposal for freeing auto fuel pricing were not complete.
The Cabinet Committee on Economic Affairs deferred on Thursday a decision on sharing royalty earned from oil output with states.\n\n
Top government officials in New Delhi have started discussions with stakeholders ranging from shipping and container companies to export promotion councils to understand the impact of the Iran-Israel tensions and plan ahead. Inter-ministerial talks are also being lined up amid the crisis situation in West Asia, sources confirmed. While the crude flows are not directly under any threat, elevated oil prices remain a concern, according to officials.
Unlike the previous visit, where TDP MPs accompanied Naidu to meetings, sources termed the current visit as "low profile", with one-on-one meetings with key Union ministers.
Petroleum being out of the goods and services tax initially will create some anomaly as tax credit on some of the inputs to oil industry may not be given, said revenue secretary Hasmukh Adhia.
Mukesh Ambani's Reliance Industries (RIL) might be denied a higher gas price from its D1 and D3 fields until the arbitration process with the government is over and a third-party expert report on the fall in output at the KG-D6 block is out.
The oil industry experienced three upheavals between 1973 and 1991, which seem to be etched in the memory of the industry's decision makers. Naturally, at the sign of a new crisis, the decision makers like to dip into those tumultuous decades to find ways to deal with the new shock, in addition, of course, to expert reports and forecasts. So, the industry bigwigs turned the pages of history to get a peek into the future of oil price movements after Russia invaded Ukraine in 2022, Israel attacked Gaza in 2023, Iran-linked Houthi rebels pounded tankers crossing the Red Sea in support of Palestine the same year, and Iran rained missiles on Israel in 2024.
Finance, oil ministry tussle over exports.
The pipeline deal could be signed by this yearend.
The 12-digit unique number that the UIDAI will generate will be combined with the the smart card project of the Oil Ministry for distribution of PDS kerosene and domestic LPG through biometric identification of beneficiaries.
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