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: fuel
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Assocham wants govt to allow Railways to refine oil
In order to immunize the finances of Indian Railways from the diesel price hike, industry body Assocham asked government to allow the public sector undertaking to import and refine its own crude oil. By importing and refining crude oil by itself, the Indian Railways can avoid paying about 20-25 percent sales and other local taxes on diesel. The Railways, run as a
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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 assures Rs 1 bn for CNG project in Kerala
Petroleum Minister M Veerappa Moily assured to invest Rs 100 crore for setting up CNG plants in Kerala. Moily said that this amount would be transferred to Kerala State Road Transport Corporation (KSRTC). The move is a great help and it would save the struggling public transport sector," Kerala Chief Minister Oommen Chandy told reporters after meeting Moily. The stat
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Minister seeks suggestion on implementing dual price system
Pointing out the difficulty in selling diesel at two different rates at the same petrol pump, Finance Minister P Chidambaram said the government is open to suggestions on implementing dual rates provided two different prices does not Ăâlead to black marketingĂâ. Speaking at the Rajya Sabha, the minister said the government knocked some heads together to see if it is possible to have dual prices of diesel at the same retail outle
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Railways to boost coal mine connectivity with Rs 40 bn investment
As part of its initiative to boost railway connectivity, the railway ministry plans to spend about Rs 4,000 crore to upgrade rail connectivity to coal mines. The investment, once materialises, would boost fuel supplies to power projects. Many power projects are suffering insufficient coal supply because of lack of rail conn
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Experts suggest aggressive steps on oil pricing reforms
Some industry observers and experts are not satisfied with the move to de-control diesel prices partially by the government and they seek more aggressive steps on this front. It may be recalled that recently, the government allowed oil marketing companies (OMCs) to raise diesel price
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Experts suggest aggressive steps on oil pricing reforms
Some industry observers and experts are not satisfied with the move to de-control diesel prices partially by the government and they seek more aggressive steps on this front. It may be recalled that recently, the government allowed oil marketing companies (OMCs) to raise diesel price
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Brokerage expects progressive hike in fuel prices
In a recent research note, securities firm Angel Broking said it expects the government to raise diesel prices progressively during the calendar year 2013 and 2014. This may reduce subsidy burden for state-run oil marketing companies (OMCs) and upstream oil companies, the note said. The brokerage further said that the recent hike in diesel price was in line with its expectations as government had permitted OMCs to make small price hikes in prices of dies
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Brokerage expects progressive hike in fuel prices
In a recent research note, securities firm Angel Broking said it expects the government to raise diesel prices progressively during the calendar year 2013 and 2014. This may reduce subsidy burden for state-run oil marketing companies (OMCs) and upstream oil companies, the note said. The brokerage further said that the recent hike in diesel price was in line with its expectations as government had permitted OMCs to make small price hikes in prices of dies