After decontrol of petrol and diesel, the government has chalked out a plan to usher in market-determined pricing for kerosene over the next two to three years. The stage is being readied for deregulating the poor man´s fuel as the government targets 24-hour electricity supply to all rural households under the Rs 44,000 crore Deendayal Upadhyaya Gram Jyoti Yojana by the end of 2017.
Tag: petrol
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Duty hike on petrol, diesel to fetch Rs.10,500 crore
The government will get an additional Rs 10,500 crore in the current fiscal from hike in excise duty on petrol and diesel.
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Petrol price drops by Rs 1.15 a litre
On the eve of Diwali, petrol is cheaper by Rs 1.38 per litre from November 1, but diesel is costlier by 56 paise per litre in Delhi. The fuel price variation is because of strengthening of the rupee against the dollar and softer international gasoline rates. This is the second time that petrol prices have fallen in a month, giving consumers a breather.
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Oil Ministry saves 600 litres of fuel by using Metro rail
The Union Petroleum and and Natural Gas Minister Marpadi Veerappa Moily has said that his ministry alone can save about 600 litre of petrol and diesel worth over Rs 40,000 by travelling by public transport. He traveled by the Delhi Metro rail on October 9.
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OMCs may raise petrol, diesel prices
The continuing depreciation of rupee and the rise in global crude oil price may prompt state-run oil marketing companies (OMCs) to raise diesel and petrol price, reports indicate. While the global crude price rose to 108.5 per barrel recently, the Indian rupee rose up to 62 a dollar in recent session. In rupee terms, the crude price increased to Rs 6,68
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OMCs raise petrol, diesel prices
Public sector oil marketing companies (OMCs) hiked petrol prices by 70 paise per litre and diesel by 50 paise considering the increase in the international crude oil prices. But pump prices will vary from city to city depending on state and local taxes. Oil firms pointed out that the international price of petrol rose from $117.19 per barrel to $120.05 per barrel. The rupee-dollar exchange rate however, has marginally appr
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OMCs raise petrol price 4th time in 6 wks
On the backdrop of the depreciation of rupee against dollar, state-run oil marketing companies (OMCs) raised the price of petrol by a steep Rs 1.55 a litre, excluding local sales tax or VAT. According to the traditional price revision cycle, the change in the petrol price should be effective from July 16. But it was raised a day earlier. The hike, which is the fourth time in six weeks, comes as the falling value of rupee against the dollar incre
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Govt to release remaining dues to OMCs
Media reports indicate that the government would release the remaining dues to state-run oil marketing companies (OMCs) towards the under-recoveries incurred by these firms while selling fuel products at subsidised price. Earlier, Prime Minister Manmohan Singh asked the finance ministry to pay Rs 45,000 crore as its share of subsidy for Jan-Mar 2013 quarter
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Oil ministry adopts finance ministry’s terms of reference
Reports indicate that the union petroleum ministry adopted the terms of reference proposed by the finance ministry for the committee set up under former Planning Commission member Kirit S Parikh. Originally, the oil ministry had proposed that the committee be asked 'to revisit the current pricing methodology of import parity or trade parity' for petro
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Weakening rupee may hit finances of OMCs
The financial position of state-run oil marketing companies (OMCs) may be adversely affected because of the depreciation of rupee against the dollar. Rupee's depreciation would put strain on the working capital of oil companies. Some reports indicate that the borrowing of oil companies, which was in the range of Rs 1.5 lakh crore, may rise further if they don't raise domestic fuel prices to compensate for the rise in import cost.