The petrol price hike has added to the woes of the common man.
Petroleum Secretary R S Pandey said a revision in fuel prices was under consideration and a decision will be taken in due course. "Revision does not necessarily mean a cut in prices. We will have to wait and see on which products a reduction will be effected, by how much and when. The government will have to take a comprehensive view... What government will decide we cannot anticipate today."
'The way opposition parties such as the Nationalist Congress Party, Shiv Sena, the Samajwadi Party, Rashtriya Janata Dal and the Jharkhand Mukti Morch have supported her, if she wins, she will be the biggest opposition face for 2024'
The Bharatiya Janata Party on Tuesday alleged that the government's contention of oil companies going insolvent if prices of petro products were not increased was wrong and backed its argument by providing profit figures of the three oil PSUs in the country.
Facing criticism for increasing the retail price of petrol, government-owned Indian Oil Corporation has said the desired increase was actually Rs 3.72 a litre but it chose to "soften the impact on customer" by increasing the price by only Rs 2.50 a litre.
After a spike, losses on sale of diesel have fallen by nearly a rupee to Rs 2.49 per litre as international oil rates have moderated.
Multinational companies like Shell, Caltex, Elf and SHV that have been attracted by the huge possibility to market Liquified Petroleum Gas in India are these days waiting for their chance.
The government allocated Rs 650 billion for petroleum subsidies in FY14, of which Rs 450 billion was used to pay oil marketing companies for the subsidy gap incurred in the previous financial year.
RIL, which had over 1,470 retail outlets, is said to be running only 350 of those at present.
'Economic issues do not matter during elections; it is the emotional connect that helps swing votes.'
The party released its manifesto -- Samajwadi Vachan Patra -- for the coming assembly elections, shortly after the BJP released its own.
"Deora's ability to be a good listener, and his understanding of business, as he is an industrialist himself, helped the empowered group of ministers reach a decision that more or less has satisfied all parties," a senior official says.
'We will do whatever is necessary when the day and moment arrives.' 'As a party which has ruled Maharashtra for most of its existence, we also have our base and turf to protect.'
India, which imports over 80 per cent of its oil needs, spent $87.7 billion on importing 220.43 million tonne (MT) of crude oil in 2017-18. For 2018-19, the imports are pegged at almost 227 MT.
The government indecisiveness on petroleum price rise, coupled with late release of cash subsidy, has sent the borrowings of three government-controlled oil marketing companies to an all-time high of around Rs 118,000 crore (Rs 1,180 billion).
IOC, in the annual performance memorandum it signs with the petroleum ministry, stated that the Navratna oil companies should be granted freedom to fix retail selling price of petrol, diesel, domestic LPG and kerosene.
Petrol and diesel prices across the country will increase by 9-13 paise a litre with effect from Tuesday midnight, after the government decided to increase the commission to petrol pump dealers.
Petroleum Minister Jaipal Reddy said these measures would cost the government Rs 49,000 crore in the current financial year.
Oil prices have risen as freezing weather in the northern hemisphere has increased energy demand for heating.
The three govt-owned OMCs - IndianOil, BPCL and HPCL - together meet the country's entire LPG cylinder demand.
With the rising price of crude oil, the gap between the desired selling price and the actual selling price -- referred to as under-recovery -- is up to Rs 190 crore (Rs 1.9 billion) a day. The solution is to raise retail prices, an unpopular move.
It's too early to assess their effect on real investment and output.
Public sector oil companies are likely to incur a loss of Rs 50,000 crore (Rs 500 billion) in the current fiscal on selling fuel below cost, Indian Oil Corporation chairman Sarthak Behuria said on Tuesday.
Upstream oil firms bear one-third of the revenue that retailers lose on selling diesel, domestic LPG and Kerosene at government-controlled rates.
The Opposition alleged that without any provocation from the Opposition, "outsiders who were not part of Parliament security were brought in to manhandle the Opposition leaders and members, including women Parliamentarians who were only protesting against the Government's conduct, highhandedness and muzzling of the voice".
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.
Petrol prices may be cut by as much as Rs 1-1.50 per litre next week on falling international oil rates and appreciating rupee but a one-time hike in diesel and possibly LPG rates is still on the cards.
If the current trend continues, diesel will be deregulated in three months.
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 basket of crude oil India buys from overseas markets averaged $68.07 per barrel in September as against the August average of $71.98 a barrel.
In a discussion in Lok Sabha on the COVID pandemic, members called for ban on international flights in view of the outbreak of the Omicron strain and demanded that the government 'accept responsibility' for deaths of lakhs of people during the outbreak.
West Bengal Chief Minister Mamata Banerjee on Monday slammed Prime Minister Narendra Modi for 'spreading lies and canards' against the Trinamool Congress government, and said voters, this time, would witness 'Didi versus BJP' fight in all 294 constituencies of the poll-bound state.
"The UPA government showed its anti-people stance by increasing the prices of essential goods," said former AP chief minister Chandrababu Naidu.
West Bengal Chief Minister and Trinamool Congress chief Mamata Banerjee will on Monday lead a party demonstration at the Jantar Mantar in New Delhi to urge the Congress-led United Progressive Alliance government to withdraw its decisions relating to FDI in multi-brand retail, cap on subsidised LPG and diesel price hike.
Unfazed by the uproar over Foreign Direct Investment in retail and other tough decisions, Prime Minister Manmohan Singh on Saturday indicated that the government may continue with the reforms process and expressed willingness to discuss issues with allies.
The pricing and marketing freedom for exploitation would be capped by a ceiling price.
The relentless rise in international oil prices that last week touched an all time high of $135 a barrel has forced the government to mull options to save state-run firms, which expect a revenue loss of Rs 200,000 crore (Rs 2000 billion) this fiscal on sale of petrol, diesel, domestic LPG and kerosene.
A bandh called by the National Democratic Alliance, Left parties and the Samajwadi Party to protest against diesel price hike, Foreign Direct Investment in multi-brand retail and cap on subsidised LPG on Thursday evoked mixed response as protestors disrupted road and rail traffic in parts of Uttar Pradesh, Bihar, West Bengal and Odisha but it had little impact in Mumbai.
According to reports, the Congress Core Group meet that lasted for almost two hours at the Prime Minister's 7, RCR residence saw the top party leaders deliberating over the political situation arising out of the Trinamool Congress's decision to withdraw support to UPA government.
Ahead of the crucial meeting of Trinamool Congress parliamentary party, prominent leader Saugata Roy indicated that party could pull out its ministers from the Union council of minister if its roll back demands on FDI in retail, cap on LPG subsidy and diesel price hike were not met with.
