Defence outlay alone will jump 22 per cent
Diesel prices should be immediately hiked by Rs 4-5 per litre, the Kirit Parikh Committee has recommended while favouring continuation of existing pricing principles for controlled petroleum products.
BJP says it doesn't make sense to rollback fuel subsidy while maintaining Central patronage for Haj pilgrimage.
Giving a quiet burial to the decision to dismantle Administered Pricing Mechanism for petroleum products, the government on Thursday said it will control the pricing of sensitive products like LPG, kerosene and diesel.
The Kelkar Committee, which was appointed by Finance Ministry to suggest a roadmap for fiscal consolidation, has suggested immediate hike in fuel prices and complete deregulation of diesel prices by start of 2014-15 fiscal.
ONGC on Friday said it hopes to begin marketing of LPG and Kerosene soon.
Maratha outfits have announced that a mega rally will be held in Mumbai on August 9 in support of their quota demand.
Around 80 mn rural households are estimated to have no access to grid power.
The government will cut excise and customs duty on petrol, diesel, LPG and kerosene to contain the effect of spike in international crude oil prices, which touched an all-time high of $47 a barrel.
The cabinet committee on economic affairs will meet this evening to decide on the prices of petrol, diesel, LPG and kerosene, petroleum minister Mani Shankar Aiyar said.
Oil and Natural Gas Corp will pay Rs 1025 crore (Rs 10.25 billion) to the state-run oil retailing firms for the losses they suffered during the second quarter for selling LPG and kerosene below the cost.
Attacking the ruling United Progressive Alliance at the Centre, Tamil Nadu Chief Minister Jayalalithaa on Thursday took potshots at the Congress, saying 'Hand' (the party's symbol) betrayed the state's interests.
Here is how UID can help to cut down bureaucracy by automating major parts of government subsidy programmes. In addition, it will help government save on cost and give intended beneficiaries better access to the programmes.
A government official said out that with hardly any economic activity, an immediate duty hike will not be productive and could be announced once the lockdown eases and demand revives.
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.
Under-recovery or revenue loss on diesel has risen to Rs 10.48 per litre from Rs 9.99 a litre in the first fortnight of December, an official statement said in New Delhi.
The Oil and Natural Gas Corp has asked the government to review the scheme of sharing of liquefied petroleum gas and kerosene subsidy with upstream firms and said the scheme should not be extended beyond March 2004.
The affected people said they got the smell of kerosene oil in the prasad, but ignored it.
Lowest prices of key petroleum products were found in Venezuela & Egypt.
The government on Friday said it would not increase the cooking gas and kerosene prices despite escalation in the prices globally.
The two surviving women from the Nepalese family whose members immolated themselves died on Saturday after battling for life for three days in a hospital in Rajkot.
The Kelkar Committee has recommended sharp reduction in subsidies on petroleum, food and fertiliser, which the government said was contrary to its policy of protecting the poor.
A 14-year-old girl attempted suicide by setting herself ablaze following an alleged rape bid by a youth two days ago, police said on Monday.The minor girl doused herself with kerosene before setting herself on fire, police said.
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.
Relief seen from easing global crude oil prices, phased diesel decontrol and capping of LPG cylinders.
Domestic LPG prices may go up by Rs 22-25 per cylinder this week as oil companies push for a hike in retail selling price in view of Budget 2003-04 lowering subsidy provision for cooking gas and PDS kerosene.
To help them make up for the revenue lost on selling auto and cooking fuel below cost.
With the losses incurred by oil marketing companies (OMC's) on selling regulated fuels below their market prices (under-recoveries) reaching alarming levels, an urgent corrective action, like hiking the price of diesel, has become imperative, says a Crisil study.
In Tibet, the people's frustration with their colonial masters has reached the extreme, international silence is too loud, says Vijay Kranti
Congress General Secretary Digvijay Singh on Sunday said in Bhopal that rising inflation is a major problem but it was necessary to hike prices of petroleum products because of the international situation.
There will be no change in LPG and kerosene rates, Oil Minister M Veerappa Moily told reporters in New Delhi after the meeting on Cabinet Committee on Political Affairs. "I am happy to inform the Cabinet Committee on Political Affairs has decided to raise the cap on subsidised LPG to nine cylinders per household in a year from existing six cylinders," he said.
If this revenge saga is watch-able, it is because of the sincerity of the young lead pair
Crude oil, or petroleum, is recovered mostly through oil drilling.
Ministry to propose a new subsidy mechanism to cap upstream firms' share.
Senior policymakers say it is a tough task and the finance ministry may resort to the time-tested method of carrying forward part of the subsidy payment burden to the next fiscal year.
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