State-run oil marketing companies (OMCs) witnessed a sharp fall in the under-recovery on sale of diesel in the first fortnight of May to Rs 3.80 per litre from Rs 6.42 per litre during the second fortnight of April. Similarly, these companies witnessed decline in under-recoveries on account of kerosene for public distribution system (PDS) for the month of May 2013 to Rs 27.93 per litre
Tag: customs duty
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Regulatory measures do cause delay in commissioning of projects
Domestic iron ore scenario has recently improved and at present, iron ore is available. This is reflected in the softening of prices in the last few days, says CS Verma, Chairman, Steel Authority of India
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State-run OMC under-recovery set to fall in FY14
RS Butola, Chairman of Indian Oil Corp (IOC) informed reporters that the under-recoveries incurred by state-run oil marketing companies (OMCs) on the sale of diesel, LPG and kerosene may fall to Rs 112,000 crore from the earlier estimate of Rs 130,000 crore. The under-recoveries may decline because of the fall in the international crude oil price. But he said the estim
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OMCs reduce petrol price by 85 paise a litre
State-run Oil Marketing Companies (OMCs) reduced price of petrol twice in a span of 15 days since March 16. While they reduced petrol price by Rs 2 per litre (excluding VAT) on March 16, they again cut the price by 85 paise per litre from April 1. The OMCs also reduced the prices of non-subsidised domestic cooking gas by Rs 3 a litre. A 14.2-kg non-subs
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Govt may spare LPG from export-parity pricing
Media reports indicate that the government may spare domestic cooking gas from the trade-parity pricing methodology that it proposes to adopt for calculating under-recoveries on fuel products. Thus, the government would calculate under-recoveries incurred by state-run oil marketing companies (OMCs) based on export parity price for diese
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Court directs OMCs not to open new outlets
Karnataka high court directed all state-run oil marketing companies (OMCs) not to open new retail outlets till it completes the heading of a petition filed by an dealers association. The Karnataka State Petroleum Dealers Welfare Association filed a petition with the court after OMCs kept
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Oil minister does not favour change in formula
Union Petroleum Minister M Veerappa Moily warned against the move by the Finance Ministry to change the subsidy calculation formula for state-run oil marketing companies (OMCs). The finance ministry has proposed to shift from trade parity pricing of petroleum products to export parity pricing (for the sake of computing under-recoveries
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Centre receives plea to remove custom duty on ship breaking
Union Finance Minister P Chidambaram received a request from the Gujarat government to reduce custom duty on import of ships being brought for breaking from 5 per cent to zero. Gujarat Finance Minister Nitinbhai Patel put this request at the pre-budget meeting convened by Chid
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Govt plans to reintroduce import duty on oil
Union government plans to reintroduce import duty on crude oil in the forthcoming union budget in order to increase its tax collection and thereby reduce fiscal deficit. However, the adverse impact of such a move would be that it would raise the price of oil and could leave the government with a higher subsidy bill if pump prices are not r
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Vox Pop: Investors warm up to govt moves
Going forward, a 25-28 per cent growth is envisaged in the cold storage industry. Even so, it will be a while before prices are arrested, exports of cold storage commodities take off, and indeed, before a heady rush of private participation is a reality, say the industry’s practitioners and best experts.
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