The United Progressive Alliance government has become a symbol of "heartless government" as it has failed to understand the pains of inflation borne by the common man, Bharatiya Janata Party leader Arun Jaitley said on Friday.
State-run Indian Oil Corp is losing Rs 92 crore (Rs 920 million) per day on sale of petrol, diesel, domestic LPG and kerosene as government has not allowed it to revise rates in line with firming international oil prices.
Trinamool Congress chief Mamata Banerjee on Tuesday announced that she would lead a party demonstration at Jantar Mantar in Delhi on October 1 to urge the Centre to withdraw "anti-people" decisions on Foreign Direct Investment in retail, cap on subsidised LPG and diesel price hike.
Privatisation-bound Bharat Petroleum Corporation (BPCL) may sell a part of its stake in Petronet LNG and Indraprastha Gas (IGL) to shed its promoter status to obviate the need for its new owner to make open offers for the two gas companies, sources said. BPCL holds 12.5 per cent of shareholding in India's largest liquefied natural gas importer, Petronet, and a 22.5 per cent stake in city gas retailer, IGL. It is a promoter of both the listed companies and holds board positions. As per the legal position evaluated by Department of Investment and Public Asset Management (DIPAM) - the department running the process for sale of government's entire 52.98 per cent stake in BPCL - the acquirer of BPCL will have to make an open offer to the minority shareholders of Petronet and IGL for acquisition of 26 per cent shares, three sources with knowledge of the matter said.
Maruti Ciaz and Ertiga are exempt from the infrastructure cess and so, there is no change in the prices of these models.
Eying a prominent role in the next government at the Centre, the All India Anna Dravida Munnetra Kazhagam on Tuesday promised to extend populist schemes like distribution of free mixies, grinders, fans, milch cows and goats across the country in its Lok Sabha manifesto.
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.
With Trinamool's 72-hour deadline to the Centre to rollback diesel price hike, LPG subsidy cap and FDI in multi-brand retail coming to an end, opposition JD-U on Monday sought to reach out to Mamata Banerjee saying that she "sticks" to her stand.
Losses on sale of diesel at government-controlled rates have hit a record Rs 19.26 a litre, sending state-owned oil companies scrambling for ways to cover the mounting losses.
The FIIs' stake in Reliance Industries has increased from 20.22 per cent at the end of the March 2007 quarter to 20.85 per cent at the end of the June 2007 quarter, according to the BSE's shareholding pattern data.
The Nagas, who inhabit the hills, feel the Manipur (Hill Area) District Council Act (Third Amendment) 2008, under which the election was to have been held, takes away the powers of the tribal people.
The markets look weak. It could further fall as main support levels are being broken effortlessly, says market expert Pranav Sanghavi. In the short term the markets will remain volatile and weak. But over one year outlook, some of the quality fundamentally strong stocks could be looked at.
Indian Oil Corp, Bharat Petroleum and Hindustan Petroleum have seen revenue losses on sale of petrol, diesel, LPG and kerosene coming down to Rs 450 crore (Rs 4.5 billion) per day from Rs 600 crore (Rs 6 billion) per day, industry sources said. The basket of crude that India buys has averaged $114.37 a barrel this month as against the July average of $132.47 per barrel.
Admitting that hiking the prices og petrol diesel and LPG was a "difficult" decision, Finance Minister P Chidambaram
Weeks after confusion over three Mauritius-based funds whipsawing shares of Adani group firms, billionaire Gautam Adani on Monday said that "twisted narrative" seems to imply that companies have regulatory powers over their shareholders and can compel disclosures. Shares of port-to-energy group nosedived last month after reports that accounts of three of the six Mauritius-based funds that have invested most of their money in Adani group firms had been frozen by the national share depository. The three funds owned about $6 billion of shares across the conglomerate.
With the rupee continuing to remain weak against the US dollar, losses on diesel have climbed to Rs 9.45 per litre, upsetting the government's subsidy maths.
Govt diverts Rs 253-crore subsidy savings to the poor.
Fuel retailers sell diesel, domestic LPG and kerosene at government controlled rates which are below market price. The loss they thus incur is made good through cash subsidy from the government and dole from upstream firms like Oil and Natural Gas Corporation.
IOC is planning to sell its bonds worth Rs. 2, 000 crores to face the financial crunch caused due to non-revision of fuel price.
Oil and Natural Gas Corp (ONGC) has said its net profit will drop by over 47 per cent to below Rs 10,000 crore (Rs 100 billion) this fiscal if the government forces it to shell out a higher fuel subsidy.
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.
Farmer leader Abhimanyu Kohar, who is a member of Sankyukt Kisan Morcha, said on Sunday that farmers have waterproof tents but they cannot protect them from biting cold and waterlogging.
Economists said the full cascading impact of the sharp raise in diesel, LPG and kerosene prices announced on May 24, would be visible from July onwards when inflation could touch the double digit mark.
Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation are losing Rs 486 crore (Rs 4.86 billion) per day as they are made to sell diesel, domestic LPG and kerosene way below cost to keep inflation under check.
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.
NDA's energy plan powered UP win, but it's not a winner yet. Centre has claimed to have saved money by targeted coverage but critics say the system is not yet foolproof.
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.
The revenue loss, termed as under-recovery by oil firms, will be the highest-ever.
Virtually securing the consent of Left parties, the government is likely to decide next week on a price hike of Rs 4 per litre for petrol and Rs 3 a litre for diesel while sparing cooking gas and kerosene.
In politics, if your objective is only winning elections, just Chanakya neeti might do. For governance you need both, Chanakya neeti and Ram Rajya. You can neither beat up the farmers into submission, nor dismiss them as 'Khalistanis', asserts Shekhar Gupta.
Rural inflation running higher than urban: HSBC
The rising oil prices, growing awareness about environment friendly cars has turned the attention of car manufacturers to alternative fuels like LPG, electric cars and dual fuel cars.
Costlier fuels, including LPG, pushed up inflation to 5.38 per cent for the week ended December 6 -- the fourth week in a row that saw rising inflation -- even as prices of vegetables, rice and some edible oils declined.
The Maruti WagonR is set its boxy look and sport a new one though the new model will see prices go up.
Petroleum Minister Ram Naik is likely to meet Finance Minister Jaswant Singh on January 30 to seek excise duty cut on petroleum products in view of excessive volatility in international crude oil prices.\n\n\n\n
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.
Food inflation, at almost 17 per cent, along with the rise in fuel prices will be a bitter pill for consumers.
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