Union finance ministry agreed to pay Rs 45,000 crore to state-run oil marketing companies (OMCs) for incurring losses on sale of diesel, kerosene and cooking gas at below market price. The Rs 45,000 crore is in addition to the Rs 55,000 crore already paid to the OMCs as compensation for under-recoveries. Thus, for the financial year 2012-13 as a whole, the government will pay Rs 100,000 crore to stat
Tag: petrol
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CCI probes cartelisation in petrol pricing
Anti-trust watchdog Competition Commission of India (CCI) has reportedly started probing the alleged cartelisation in the price of petrol in the domestic market by state-run oil marketing companies (OMCs). Suspicion of cartelisation in petrol pricing arose as state-run OMCs usually reduce or hike price of the fuel in unison. The Director General, the investigation arm of the CCI is investigating the matter
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Govt mops up over Rs 190 bn via duty on fuel
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
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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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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
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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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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 “lead to black marketing”. 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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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
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State-run OMCs to get notice from CCI on cartelisation probe
Soon state-run oil marketing companies (OMCs) - Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation -would receive notices on alleged cartelisation, said Ashok Chawla, Chairman of the Competition Commission of India (CCI). Speaking on the sidelines of a conference, Chawla said. the CCI has taken up the issue after the government clari