A day before the crucial meeting of the Trinamool Congress parliamentary party on Tuesday which is scheduled to take a call on the hiked diesel price, cap on subsidized LPG and FDI in multi-brand retail, party chief Mamata Banerjee on Monday hit out at a section of the media for disseminating "distorted and concocted information".
Congress President Sonia Gandhi held consultations with party leaders as the 72-hour deadline set by Trinamool Congress for rollback of diesel price hike, LPG subsidy cap and FDI in retail ended on Monday amid indications a worst case situation could be a pull out of union ministers by the key ally.
With the 72-hour deadline to the Centre to rollback diesel price hike, LPG subsidy cap and FDI in multi-brand retail expiring on Monday, the Trinamool Congress mounted fresh pressure with a Union minister belonging to it listing three options, including withdrawal of support to the United Progressive Alliance.
The Left parties on Sunday announced a 12-hour all-India general strike on September 20 to protest against government's decision on diesel price, LPG cylinders and FDI in multi-brand retail, coinciding with the agitation by other opposition parties and United Progressive Alliance supporter Samajwadi Party.
In the sixth such hike in three months, petrol price has been increased by a steep Rs 2.35 per litre and diesel by 50 paise per litre on falling rupee and firming international oil prices.
Estimated to cost $44 billion, the project was expected to be commissioned by 2025.
Diesel prices are raised every month by up to 50 paise per litre to trim the losses. Rates were last raised on August 1 after which losses had dipped to Rs 1.33.
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.
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.
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.
The government has received three preliminary bids for buying of controlling stake in India's second-largest fuel retailer Bharat Petroleum Corporation Ltd (BPCL), Oil Minister Dharmendra Pradhan said on Wednesday. Mining-to-oil conglomerate Vedanta had on November 18 confirmed putting in an expression of interest (EoI) for buying the government's 52.98 per cent stake in BPCL. The other two bidders are said to be global funds, one of them being Apollo Global Management.
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.
Maruti Ciaz and Ertiga are exempt from the infrastructure cess and so, there is no change in the prices of these models.
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.
India's fuel demand in May slumped to its lowest in nine months as restrictions to curb the second wave of COVID infections stalled mobility and muted economic activity. Fuel demand fell 1.5 per cent to 15.1 million tonnes despite the low base of May 2020 and was down 11.3 per cent when compared to the previous month, according to data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry. India was under one of the world's strictest lockdowns in May last year, which brought all mobility and economic activity to a grinding halt.
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.
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.
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
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.
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.
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.
Govt diverts Rs 253-crore subsidy savings to the poor.
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.
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.
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.
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.
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.
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.
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.
