Petroleum ministry has suggested extending government subsidy on domestic LPG and kerosene for an indefinite period as the gap between domestic retail price and current international prices was too large to be bridged through a price hike.
The Indian basket represents the price of Oman and Dubai sour grade crude.
Relief seen from easing global crude oil prices, phased diesel decontrol and capping of LPG cylinders.
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.
Having failed to align cooking gas prices with the market and limit the number of subsidised cylinders to consumers, the government is now trying to curb the misuse of multiple connections in households.
The government is selling its entire 100 per cent stake in Air India but wants effective control to stay with Indian nationals.
A new formula for pricing natural gas in the domestic market was determined; the decontrol of diesel prices was announced; and the scheme that directly transferred subsidies to bank accounts of users of liquefied petroleum gas (LPG) cylinders was modified and relaunched.
#GiveItUp but no matching LPG connections for BPL
A bench headed by Chief Justice P Sathasivam said that the plea of the Centre would be taken up for hearing on October 8.
The new model, named M800 Duo will have dual fuel option of petrol as well as LPG, the company said in a statement. The new M800 will be available in two options--M800 Standard with LPG, priced at Rs 2.05 lakh ex-showroom Delhi and M800 AC LPG tagged at Rs 2,26,000.
The kerosene subsidy is expected to decline by 40 per cent from Rs 7,595 crore in 2016-17 to Rs 4,500 crore this financial year.
LPG cash transfer to begin with Mysore, Hyderabad.
The cabinet on Friday discussed the fuel price increase in the context of the surge in international oil prices.
The government's plans to reign in petroleum subsidies to plug the fiscal deficit next financial year are in jeopardy, as a whopping Rs 2.13 lakh-crore revenue loss is expected at the current levels of global crude oil prices and domestic retail prices of controlled products.
IOC and its sister PSUs, Hindustan Petroleum and Bharat Petroleum, sell diesel, domestic LPG and kerosene at rates way lower than their imported cost to help government keep general price inflation under check.
Three oil PSUs have moved the Supreme Court seeking modification of its earlier order that Aadhaar card is not mandatory and no person should suffer for want of it in getting benefits of government schemes.
On the eve of the much-hyped Chintan Shivir in the pink city, economic issues are back with a bang on the agenda with Union Oil Minister Veerapa Moily choosing to deregulate the price of diesel and allowing oil companies to affect increase in the price of diesel, in the same manner as had happened with petrol. Renu Mittal reports.
A look at the key decisions taken by the Narendra Modi government in its six months.
Facing stiff opposition, the government tonight put on hold the Rs 26.5 increase in price of cooking gas cylinders that consumers buy beyond their quota of six subsidised bottles.
The government is giving adequate publicity to the benefit to be extended to account holders, sources added.
Concerns on lower natural gas transmission, LPG rate cut & APM gas price hike might be priced in but no positive triggers
"The Corporation has decided to offer a voluntary retirement scheme, with a view to enable employees who are not in a position to continue in service of the Corporation due to various personal reasons, to request for grant of voluntary retirement from the services of the Corporation," Bharat Petroleum Corp Ltd (BPCL) said in an internal notice to its employees.
OMCs are currently incurring daily under-recovery of Rs 230 crore.
The loss on diesel sales has inched up marginally to Rs 8.37 a litre even as a surge in international oil rates and a weakening rupee wiped out gains from a 50 paise increase in the price of the fuel.
Trinamool Congress chief Mamata Banerjee on Friday pulled the plug from the United Progressive Alliance government over the issues of FDI in retail and the recent hike in diesel prices. Following is her statement
Defence outlay alone will jump 22 per cent
If June 2010 diesel price is taken as the base, then the increase is a mere 2 per cent. By contrast, petrol prices have gone up by 23 per cent in the same period.
'So you have welfare programmes, you reach out to the poor, you cut out the middlemen, you cut out the leakages and you try to raise the standard of living.'
Indian Oil Corporation, the country's largest fuel retailing firm, has demanded a hike in security deposit on cooking gas LPG cylinders to Rs 900 in view of the spurt in steel prices.
The Finance Minister proposed a cess of 1 per cent on small petrol, LPG and CNG cars, 2.5 per cent on diesel cars of certain capacity.
They are marching towards Delhi as part of the Bharatiya Kisan Union's protest call over demands ranging from farm loan waiver to cut in fuel prices
Besides, it loses Rs 15.46 per litre on kerosene and Rs 158.78 per domestic LPG cylinder as the government has not allowed them to revise retail prices.
Inflation in the 'fuel and power' basket in December slumped to 8.38 per cent, nearly half of 16.28 per cent.
'It promises to get much, much darker before the dawn.' 'But at least dawn has a fighting chance,' says Mitali Saran.
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.
Declining crude price translates into lower under-recoveries for OMCs
Bhartiya Janata Party president Nitin Gadkari on Thursday claimed that the 'Bharat Bandh' to protest against diesel price hike, Foreign Direct Investment in multi-brand retail and cap on subsidised LPG was a great success and hoped the 'most corrupt' government since Independence has got the message and would roll back prices of diesel and not allow investments by the big international such as like Walmart to invest in India in the wholesale market.
US private equity firm I Squared Capital is dropping out of the race to buy India's second-largest state oil firm, Bharat Petroleum Corporation Ltd (BPCL) owing to a complex deal structure and lack of financial backers for the transaction, sources said. I Squared Capital through its Indian arm, Think Gas was among the three suitors that had evinced interest in buying the government's near 53 per cent shareholding in BPCL. "The company has made a decision not to participate in the financial bidding," a source with direct knowledge of the development said.
