The cabinet on Friday discussed the fuel price increase in the context of the surge in international oil prices.
The government has allowed oil companies to raise diesel price by 50 paise a litre per month; bulk users to be charged market price.
The Left parties on Friday asked Prime Minister Manmohan Singh for a rollback in petroleum prices and said the Budget should conform with the Common Minimum Programme.
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.
The outcome is beyond the market's expectation and will be a sentimental boost, say analysts.
'We have the more difficult reforms to do such as the reduction of subsidy, the insurance and pension sector reform, eliminating bureaucratic red tape and implementing Goods and Services Tax'
Financial services majors Citi and HSBC said the long awaited government decision to hike fuel prices is a positive step, although it will fan the already high inflation and may not prevent fiscal slippage.
Indian Oil Corp, the nation's largest fuel retailer, positioned adequate stocks of all petroleum products -- petrol, diesel, kerosene and LPG in the state.
Dr APJ Abdul Kalam believes India can transform herself into a developed nation by the year 2020. The young people of India, headed by a creative leader, can help us reach this goal, says the former President.
Away from limelight, Jeevika Didis are silently fighting the coronavirus in rural Bihar.
The demand for black oils and specialty products like fuel oil, bitumen, petcoke and sulphur has also shown marked improvement, facilitating increase of refineries throughput.
For the seven months since February 2014, the benchmark index surged nearly 27%.
'The last four years was not Dravidian rule, it was BJP rule by proxy.'
A CRPF vehicle had suffered slight damage when a Santro car went up in flames after an explosion at Tethar village, seven km from Banihal, shortly after a Jammu-bound convoy crossed the Jawahar Tunnel, the gateway to Kashmir valley.
A total of 1.71 lakh earthen lamps were lit up at the grand event while a chopper decorated as the mythological 'Pushpak Viman' descended on the Ram Katha Park with artistes decked up to resemble Lord Ram, Sita and Laxman.
But demand has shown signs of pick up in the last 10 days of April after the government allowed resumption of economic activity beyond the urban municipal limit.
Curfew-like situation prevailed in East Delhi's Trilokpuri area for the third consecutive day with people not being allowed to step out of their houses though no untoward incident took place in the violence-hit locality on Monday
Declining crude price translates into lower under-recoveries for OMCs
Since August, petrol price has been cumulatively cut by Rs 9.36 per litre.
While the likelihood of these states going the Lanka or Greece way may be an alarming assessment, the financial situation of some states such as Punjab and West Bengal is indeed quite weak.
Petroleum Minister Murli Deora on Monday ruled out any rollback in the increased prices of petroleum products, saying the hike has been reasonable and minimum. "The hike is reasonable and minimum ...," Deora told reporters here.
An interplay of Modi government's outreach in Bihar and the sequence of events in Chirag Paswan's life could make Bihar a game of musical chairs when the results are out.
Renewable energy is mistakenly restricted to electricity.
Sharpening his attack on the Rashtriya Swayamsevak Sangh and Narendra Modi, Congress vice president Rahul Gandhi on Thursday accused them of trying to usurp the legacy of Sardar Vallabhbhai Patel and recalled the Congress stalwart's description of the RSS as "a venomous organisation" which could "finish" the country.
In June, the government had decontrolled petrol, causing a hike of Rs 3.5 per litre, and increased diesel prices by Rs 2 a litre, LPG by Rs 35 a cylinder and kerosene by 3 a litre -- amid protests by opposition parties.
Food inflation, at almost 17 per cent, along with the rise in fuel prices will be a bitter pill for consumers.
Profit on sale of diesel swelled to Rs 1.90 per litre as oil ministry awaits return of Prime Minister Narendra Modi to cut rates.
The increase in petrol price, which the oil firms had been holding since January even though crude oil had touched a two-and-a-half-year high, came a day after election results of five state assemblies were announced.
Moily insisted that no proposal has been moved to the Cabinet for raising diesel rates beyond the 40-50 paise a litre monthly increase, which has been implemented since January.
The government on Thursday more than doubled the price of natural gas that is used to produce electricity, make fertilisers, turned into CNG and piped to household kitchens for cooking, on the back of a spike in global energy prices. The price of gas produced from old regulated fields, such as the nation's largest gas field of Bassein of ONGC, will rise to a record high of $6.10 per million British thermal unit (mmBtu) from the current $2.90 per mmBtu, according to the oil ministry's Petroleum Planning and Analysis Cell (PPAC). The new price, which is likely to result in a hike in CNG and piped cooking gas rates, will be for six months beginning April 1.
The fuel price revision on Wednesday is likely to wipe out the Rs 1,100 crore net revenue earned by the three oil marketing companies--Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation -- in the last one month, say officials from these companies.
He may not have been declared Bharatiya Janata Party's prime ministerial candidate just yet but Gujarat Chief Minister Narendra Modi on Wednesday seemed to have already donned the mantle when he said the nation would be comparing his speech with that of Prime Minister on Independence Day on Thursday.
'COPD causes an economic loss of Rs 35,000 crores.' 'We cannot afford to lose such a huge amount due to one disease.' 'COPD is a non-communicable disease and that's why it remained low in priority.' 'The time is right to shift the focus to COPD as HIV/AIDS and TB are under control. 'This badly neglected disease has become the second largest cause for deaths in India.' 'It is time for us to wake up and give due importance to this disease.'
'Chidambaram, lots of people argue not without justification, is all about bluff and bluster without any concrete achievement on the ground. His record in the finance ministry fully endorses that view,' argues Virendra Kapoor.
Sharp reactions met the government's decision to enforce the single-steepest hike in fuel prices on Wednesday, and it came under attack from its allies as well as opposition parties.
The government-appointed Kirit Parikh committee suggested an 'immediately' hike prices of diesel by Rs 5 a litre, Rs 4 per litre in kerosene and Rs 250 per cylinder in LPG, reduce annual entitlement of subsidised cooking gas cylinder from six from nine and phase out diesel subsidy in one year to cut a record subsidy burden.
The government has chosen to profiteer off people's misery and suffering, Gandhi said.
With the assembly polls in major states concluding, the government may slash petrol price next week by Rs 10 a litre, diesel by Rs 3 per litre and domestic LPG by Rs 20 per cylinder in line with fall in global oil prices.
ONGC and Oil India might be hit because of this additional burden which they might have to take because of crude going to $100 per barrel.
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