The government has raised the security deposit paid by consumers for new LPG connection to Rs 850 per cylinder following higher prices paid by the distributors in procuring cylinders.
The reading for June WPI inflation was revised to 5.66 percent from 5.43 percent earlier.
State-owned Indian Oil Corp, Bharat Petroleum and Hindustan Petroleum are collectively losing Rs 2.65 billion (Rs 265 crore) per day on selling fuel below cost and may end the fiscal with a Rs 874.4 billion (Rs 87,440 crore) revenue loss.
The Cabinet Committee on Economic Affairs may consider slashing customs duty on petrol and diesel from 15 per cent to 10 per cent.
The oil cartel's decision to maintain the production ceiling at its 2016 level, despite the recovery of the world economy, will ensure shortfalls in supply and high oil prices in the foreseeable future, warns Ambassador D P Srivastava.
The Vedanta group on Wednesday confirmed putting in a preliminary expression of interest (EoI) for buying the government's stake in Bharat Petroleum Corp Ltd (BPCL).
Indian Oil Corporation on Tuesday said it may lose over Rs 25,000 crore (Rs 250 billion) in revenues this fiscal on selling fuel below imported cost.
In line with the Centre's expectation of a benign price level, inflation fell further to 5.11 per cent in the penultimate week of 2004-05 fiscal, but was higher than 4.53 per cent a year-ago.
These are initiatives not commonly seen in economic administration.
The Shiv Sena has spurned Congress' request to participate in the bandh.
The government has taken a number of steps to stem the depreciation of rupee including moderation in demand of non-essential imports and enhancing supply of capital flows, Finance Minister P Chidambaram said.
Public sector oil firms have seen losses on fuel sale widening to about Rs 170 crore (Rs 1.7 billion) per day on firming international oil prices and may end the fiscal with over Rs 49,000 crore (Rs 490 billion) in revenue loss.
Re-instatement of 5% custom duty on crude imports will help.
Prime Minister Narendra Modi on Saturday said the target date for achieving 20 per cent ethanol-blending with petrol has been advanced by five years to 2025 to cut pollution and reduce import dependence.
Attractive pricing coupled with improving prospects make the offer lucrative
The fuel reforms are a very important signal of the government's commitment to tough economic reforms.
IOC and sister PSUs Bharat Petroleum and Hindustan Petroleum are losing Rs 4.60 on sale of every litre of petrol and Rs 2.33 per litre of diesel currently, IOC director (marketing) G C Dagga told reporters in New Delhi.
In August, wholesale prices rose 3.74 per cent year-on-year.
Petrol, that had in April/May witnessed 11-12 per cent growth in consumption, in fact saw a six per cent fall in demand at 8,02,500 tons in June, oil ministry officials said.
Based on this settlement, the Supreme Court has disposed of the case on February 20.
Petroleum Minister Murli Deora is likely to meet Finance Minister P Chidambaram later this week to seek greater compensation for oil companies, who are currently losing about Rs 450 crore (Rs 4.5 billion) a day on fuel sales. Indian Oil, Bharat Petroleum and Hindustan Petroleum are likely to see doubling of revenue loss on sale of petrol, diesel, domestic LPG and PDS kerosene to Rs 150,000 crore. The three fuel retailers together lost Rs 77,304.50 cr on fuel sale in 2007-08.
'BPCL has always been spoken about as a multinational company though it is State-run... this sets our work culture also apart.'
Congress on Monday announced a slew of populist measures including sops to farmers, students, unemployed youths, minorities, raising subsidised LPG cylinders from 9 to 12 and constitution of Vidhan Parishad in its manifesto for the Madhya Pradesh assembly elections.
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.
Diesel prices have cumulatively risen by Rs 10.68 a litre in 17 instalments since January 2013 when the United Progressive Alliance government had decided on the monthly hikes.
Link between oil exploration and markets can be used by India to great advantage.
Indian Oil Corporation said it is losing Rs 90-100 crore per day on fuel sales as the government has not allowed the company to raise retail prices in line with international rates.
Continuing decline in food prices, including vegetables, pulled wholesale price inflation to a five year low of 1.77 per cent in October.
Indian Oil Corporation, the country's largest oil firm, on Wednesday said it is losing about Rs 54 crore (Rs 540 million) every day on sale of petroleum products.
Petroleum Minister Murli Deora will meet Finance Minister P Chidambaram next week to discuss a package to bail out public sector oil firms that have been suffering huge losses on account of selling fuel on discounted prices.
State-owned Bharat Petroleum Corporation Ltd plans to foray into providing Direct-to-Home TV or content delivery to subscriber's homes using satellite.
Spiralling crude oil prices have pushed up the revenue loss of oil firms on sale of petrol, diesel, LPG and kerosene to Rs 91,053 crore.
Dairies, milk plants, grocery shops, chemists and petrol pumps, ATMs, e-commerce services of essential items like food and medicines will remain open, he said.
As Prime Minister Narendra Modi is set to deliver his third Independence Day speech on August 15, he is inviting ideas from citizens on issues he should speak on
Irked by angry reactions to his Facebook post on 'World UFO Day' on Wednesday, Finance Minister Arun Jaitley withdrew the message within hours.
Bharat Petroleum Corporation Ltd on Thursday said it lost Rs 1,200 crore (Rs 12 billion) in the first quarter of the current fiscal due to selling petrol, diesel, LPG and kerosene below cost price.
IOC, BPCL and HPCL on Thursday afternoon stopped ATF supplies to Air India at six airports - Kochi, Pune, Patna, Ranchi, Vizag and Mohali - over payment defaults. AI flights from these places were tanking up from other airports.
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