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.
Petroleum Minister Ram Naik on Monday said the hike in petrol and diesel prices was "justified" given the hardening of global crude prices.
State-owned gas utility GAIL India Ltd on Thursday reported a 70 per cent jump in its net profit at Rs 774 crore (Rs 7.74 billion) in second quarter ended September 30, 2005.
The government may cut customs duty on petrol and diesel by 5 per cent each to avoid increasing prices that had been necessitated due to a spurt in international oil prices.
Reliance Industries is seeking about Rs 400 crore (Rs 4 billion) from state-owned oil retailers in unrealised amount on liquefied petroleum gas and kerosene, it sells to them.
India's largest oil producer Oil and Natural Gas Corp, gas utility GAIL and exploration firm Oil India Ltd will pay Rs 3,246 crore (Rs 32.46 billion) to oil marketing firms to partly cover the losses they made in April-June.
State-owned oil companies IOC, BPCL and HPCL are likely to post net losses in the first quarter of the current fiscal as a result of selling fuel below cost price.
The government on Tuesday hiked the prices of petrol by Rs 2 per litre and diesel by Re 1 per litre, besides raising domestic cooking gas LPG prices by Rs 20 a cylinder in Delhi.
The Union government is likely to cut import duties on diesel, kerosene and cooking gas to cushion the impact of high international crude oil prices on the domestic market.
Indian Oil Corporation, the country's largest oil retailing firm, is seeking an increase of Rs 4 per litre and Rs 5 per litre in prices of petrol and diesel to recoup the Rs 489 crore
The owner of the house she lived in and his friend allegedly raped the woman on Sunday night, and when she threatened to complain doused her with kerosene and torched her.
India plans to phase in cash transfers of food and kerosene subsidies from September, saving 10-15 per cent of the $21 billion in annual outlays on the benefits by eliminating fraud, a senior finance ministry official said on Thursday.
If oil prices stay at their new level of $72 or drop further, India will be in the happy position next year of enjoying a surplus on the trade account.
The maximum death toll has been reported from Idukki district, where 43 people have lost their lives so far, as per official estimates. 28 deaths were reported in Malappuram and 27 in Thrissur.
Moody's expect RBI to hold policy 'repo' rate steady to have a neutral stance in this growth
Ahead of the result-day tomorrow, Pralhad Modi says he and his family are confident that his elder brother, "a boy from an ordinary family", is set to become the Prime Minister.
The government on Wednesday slashed customs duties on petrol and diesel by 5.0 per cent while cutting excise duties by 3.0 per cent, as part of efforts to check inflation that crossed 7.6 per cent.
Oil and Natural Gas Corporation, Gas Authority of India and Oil India Ltd will pay Rs 1,200 crore (Rs 12 billion) to the state-run oil marketing firms for the losses they suffered during the first quarter for selling LPG and kerosene below the cost.
A Hindu temple has been desecrated and set on fire by unidentified persons in Pakistan's southern Sindh province, two weeks ahead of an annual fair at the holy site.
The government should start with two assumptions: first, that oil prices are fundamentally unstable and susceptible to wide fluctuations, and second, that raising the prices of petroleum products is politically difficult.
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