A top International Monetary Fund (IMF) official said the spending of the Indian government on fuel subsidy is mainly benefiting the rich and not the poor. Laura Papi, Assistant Director, Asia and Pacific Department at the fund said it would take 1/10th of the current expenditure on subsidy to benefit the bottom 40 per cent of the population
Tag: consumption
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Sale of bulk diesel declines sharply
According to media reports, sale of diesel to bulk customers declined about 40 percent in February, the first month after the government allowed oil firms to charge market price for bulk consumers. It may be noted that bulk diesel sales usually account for 18 percent of the 70 million tonne of diesel consumed in
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IEA expects muted demand for crude oil
According to International Energy Agency (IEA), demand for oil across the globe would remain muted because of worsening Chinese business sentiment, a slowdown in European economies and the impact of budget cuts by the US government. In its monthly oil market report, the agency said the above factors seem to delay further an elusive turnaround in global economic, and in turn oil demand,
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Crude oil price of Indian basket falls marginally
The international crude oil price of Indian Basket as computed by the Petroleum Planning and Analysis Cell (PPAC) recently declined to $107.19 per barrel (bbl)on March 11, 2013. This was lower than the price of $107.32 per bbl prevailing on the previous trading day of March 8, 2013. PPAC comes under the Ministry of Petroleum and Natural Gas. In rupee terms, also the Indian Basket crude oil p
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PSU steel firms modernize existing units
Union Minister of Steel, Beni Prasad Verma has said that Public Sector Undertakings like SAIL and RINL have undertaken modernization and expansion projects at their Integrated Steel Plants (at Bhilai, Bokaro, Rourkela, Durgapur, Burnpur and at Salem of SAIL and Vizag Steel Plant of RINL) to enhance its crude steel production capacity. The expansion of Salem Steel Plant of SAIL has already been completed and the other projects are in varioUnion Minister of Steel, Beni Prasad Verma has said that s
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SAIL setting up 11 steel processing units
Minister of Steel, Beni Prasad Verma has said that there are 11 Steel Processing Units (SPUs) which are to be set up to meet the specific requirements of the consumers in different states by Steel Authority of India (SAIL) as indicated below: Bihar - At Bettiah, Mahnar and Gaya
Madhya Pradesh - At Hoshangabad, Ujjain and Gwalior
Himachal Pradesh - At Kangra
Utta
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Share of imported gas may rise
Reports suggest that the share of import in total natural gas consumption in the country may rise from the current level of 40 percent as domestic production fails to keep pace with growth in demand. Recently, the country's biggest liquid gas importer Petronet LNG has notched up a world record by offloading its 1,000th shipload at its Dahej terminal. This is the first for a
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Transport sector accounts for 65.3% of diesel consumption
Data from the union petroleum ministry shows that almost 65.3 percent of the total diesel consumed in India is for transportation with road transport itself accounting for 60.4 percent. Around 8.2 percent of the total diesel consumed goes to power generation, while agriculture uses up 12.2 percent
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OMCs sell 2.8% more fuel products in December 2012
Data from the Petroleum Planning and Analysis Cell of the oil ministry shows sale of fuel products grew 2.8 per cent to 13.41 million tonne in December from the year ago month. Of this, sale of diesel constituted 6.13 million tonne, which is 4.4 per cent higher than December 2011. Diesel consumption makes up over 40 per cent of local fuel sales. Sale of diesel in December improved over Nove
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SAIL chief calls for focus on rural market
CS Verma, Chairman of SAIL remarked that there is tremendous scope for sale of steel in rural India given that per capita consumption of the alloy is at a level of only 15 kg in rural areas. Verma said this while reviewing the performance of the eastern region sales force of the company's Central Marketing Organisation (CMO) recently