Union Minister of State for Petroleum & Natural Gas Panabaaka Lakshmi informed the Rajya Sabha that the total amount collected from Additional Excise Duty during 2012-13 (Provisional) is 19,333 crore. Lakshmi said that the amounts collected during 2011-12 and 2010-11 are Rs 18,428 crore and Rs 16,979 crore respectively
Tag: diesel
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Govt to consider views of fertiliser, power ministry on gas pricing
Union Petroleum Minister Veerappa Moily is quoted as saying that the government would arrive at a consensus on the pricing of natural gas after considering the reservations of the power and fertiliser ministries. Moily has reportedly said his ministry has not yet approved $8-$8.5 per mmbtu as the new uniform gas price, as suggested by the committee headed by
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House panel suggests JV firm for oil import
The Parliamentary standing committee on petroleum and natural gas suggested the formation of a joint venture firm by all the state-run refiners who import crude oil from abroad. The proposed joint venture firm, that would be promoted by all the interested state-run refiners, must be entrusted with the work of importing of crude oil requi
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Private fuel retailers prefer export over local sales
Media reports indicate that private fuel retailers like Essar Oil, Reliance Industries (RIL) prefer to export diesel instead of selling them in the domestic market despite the government partially de-regulating the pricing regime. This is because these firms fear that the government may again impose price control on diesel during election perio
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Majority of developing countries subsidise fuel products
A study by World Bank shows that about two-thirds of the developing countries (considered in the study) have kept domestic prices of one or more petroleum products below market-clearing levels in the past three years. It adds that with the additional burden sharing by the oil and gas companies included, fuel subsidies amount to about 2
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Traders body seeks clarity on bulk consumers
Ajay Bansal, General Secretary of the Federation of All India Petroleum Traders (FAIPT) said the body requested oil marketing companies (OMCs) to define who are the bulk consumers of diesel. The federation asked OMCs to issue clear written instruction supported by the government notification defining who are bulk consumers
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State-run OMCs may get notice from CCI
Under section 3 of the Competition Act, the Competition Commission of India (CCI) is probing an allegation that state-run oil marketing companies (OMCs) are indulging in cartelisation on fuel pricing. According to some media reports, these state-run OMCs may get notice from the panel on the allegation. The Petroleum and Natural Gas Regulatory Board earlie
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Kerala govt assures court to bear liability
Adovcate General of Kerala government assured the Kerala High court that the state government would bear the liability of oil marketing companies if the petition filed by Kerala State Transport Corporation was finally dismissed. Following this, the court restrained oil companies from increasing the price of diesel being supplied to cash
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OMCs ask Kerala govt to forgo sales tax
State-run oil marketing companies (OMCs)
Indian Oil Corporation and Hindustan Petroleum Corporation argued that Kerala government must forgo the sales tax of Rs 12 imposed on a litre of diesel. The oil companies argued this in response to a petition filed by the Kerala State Road Transport Corporation (KSRTC) in the state High Court against these comp
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CCI sends order to fuel retailers
Ashok Chawla, Chairman of the Competition Commission of India (CCI) informed reporters that the panel was in the process of sending fuel retailers an order related to a probe on the alleged cartelisation on petrol pricing. Chawla informed this on the sidelines of a seminar organised by industry body Assocham. The CCI, which is emp