Public sector oil companies lost Rs 9800 crore (Rs 98 billion) in the first six months of 2004-05 fiscal for selling petroleum products below the import cost, Petroleum Minister Mani Shankar Aiyar said on Tuesday.
The Uttar Pradesh government on Saturday suspended five policemen for their alleged role in the killing of Shahjahanpur-based journalist Jagendra Singh.
Chittaranjan doused himself with kerosene and set himself ablaze August 15.
The cabinet on Friday discussed the fuel price increase in the context of the surge in international oil prices.
But sooner or later, the victims must return to work, says C V Shankar, the official in charge of relief.
Government's fuel subsidy estimate was based on crude oil at $70.
Prime Minister Manmohan Singh remembered his own school days in a highly energy-deficient era while addressing children on the Rajiv Gandhi Akshay Urja Diwas.
Demanding a roll back of the hike in cooking gas price, that was increased by Rs 20 per cylinder yesterday, CPI (M) said the Centre's decision not to touch import duties on petroleum products will lead to an "anomalous" situation.
Bharat Petroleum Corporation Ltd on Thursday said it lost Rs 1,200 crore (Rs 12 billion) in the first quarter of the current fiscal due to selling petrol, diesel, LPG and kerosene below cost price.
In an era of falling interest rates, major trade unions on Friday pitched for restoring 12 per cent return on small savings schemes
Mandabai Hiwarale had come to the MIDC police station on Monday to lodge a complaint but failed to get a sympathetic ear.
Petrol and diesel prices will go by Rs 2.50 and Rs 2 per litre respectively.
LPG prices will go up by Rs five per cylinder every month with the government on Tuesday saying there is no roll-back in the decision.
The government will decide on increasing petrol, diesel, LPG and kerosene prices within the next 24-48 hours.
GAIL (India) Ltd on Friday reported a 22 per cent dip in its net profit at Rs 409 crore (Rs 4.09 billion) to fourth quarter ended March 31 on having to payout Rs 538 crore (Rs 5.38 billion) towards subsidising LPG and kerosene.
Public sector oil retailing firms have lost over Rs 5,800 crore in the first six weeks of current fiscal due to non-revision of petrol, diesel, LPG and kerosene prices.
The Cabinet Committee on Economic Affairs may consider slashing customs duty on petrol and diesel from 15 per cent to 10 per cent.
In the sixth such hike in three months, petrol price has been increased by a steep Rs 2.35 per litre and diesel by 50 paise per litre on falling rupee and firming international oil prices.
Reliance Industries Ltd will sell 4.3 million tonnes of petroleum products from its 33 million tonnes Jamnagar refinery in Gujarat to public sector oil retailing companies in 2004-05.
The government on Friday said it will not increase prices of domestic cooking gas (LPG) and kerosene despite the Budget cutting to half the subsidy on the two mass consumed cooking fuels from April 1.
Employees of PSU oil firms said they will strike work on Tuesday against the proposed privatisation of cash-rich oil refiner Indian Oil Corp.
The rise in petro-product prices have been necessitated by rising global costs of petroleum and the fact that the price of petrol and diesel has not been increased in India since January 2004.
Petroleum Minister Mani Shanker Aiyar will meet Finance Minister P Chidambaram on Tuesday to chalk out the ways and means of mitigating the crisis created by the spurt in crude oil prices.
India's only private sector oil refiner, Reliance Industries, has sought a two-year extension of its agreement with Indian Oil Corp to sell Jamnagar refinery products through the state-run firm's retail network.
Petrol, diesel, LPG and kerosene prices are unlikely to be revised immediately as the Congress-led Government, which is yet to assume office
The government has set up a committee to work out sharing by producers and retailers the losses likely to accrue from the decision to freeze LPG and kerosene price for a year despite rising cost.\n\n\n\n
Diesel sales in the country zoomed by 15 per cent in the first fortnight of April 2004, triggered off largely by the ensuing Lok Sabha elections.
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