With the government initiating pricing reform in the natural gas sector, it plans to release the shale gas policy shortly and auction blocks for producing the unconventional fuel, media reports indicate. Also, the government will launch tenth bidding round for oil and gas blocks under new policy, media reports suggest. As part of its overall economic reform initiative, the government the government recently raised the price of domestic natural gas to $8.4 per unit from the present price
Tag: subsidy
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State-run OMCs raise diesel, petrol prices
State-run oil marketing companies (OMCs) raised the price of diesel by 50 paisa per litre, the sixth increase in rates since January 2013, when the government allowed these firms to raise the price once every month. Government allowed state-owned OMCs to raise diesel prices by up to 50 paisa per litre every month till entire losses on the fuel are wiped out
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Govt made over 1 mn direct cash transfers for LPG
According to an official statement, the central government has made over 1 million (10 lakh) direct cash transfers to consumers' bank accounts under its Direct Benefit Transfer for LPG (DBTL) scheme, launched in 18 districts on June 1. The government has so far given Rs 41 crore of subsidy to consumers directly under the above scheme since June 1, the statement shows
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Karnataka ryots ask govt for subsidised solar-IP sets
Farmers in Karnataka have urged the State government to grant 75 per cent subsidy on solar-powered pumpsets for their agruculture needs. Hit by frequent and unscheduled power cuts, farmers in the state are showing interest in alternative sources of energy to power their irrigation pumpsets (IP sets).
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Impact of gas price hike on other sectors
According to some estimate, an increase in the price of natural gas by $1 would result in fertiliser plants taking a hit of Rs 3,155 crore per annum for producing 23 million tonne (mn t) of urea in 2013-14 and Rs 4,144 crore a year for 32 mn t from 2017-18. As for the power sector, the the impact of every dollar increase in the price of natural gas would be about Rs 10,040 crore per annum for generating 28,000 mega watts power
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Plea for capital dredging in Kolkata, Haldia ports
Environmentalist Subhas Datta filed a a public interest litigation petition with the Calcutta High Court against the central government's move to stop subsidy for the dredging projects in Kolkata and Haldia ports. Kolkata port was one of the oldest and the only riverine port in the country and it is prone to heavy deposit of silt. Datta expressed concern over the neglect of the Kolkata and Haldia ports and he wants the court to direct gove
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Govt to release compensation for state-run OMCs
Media reports indicate that the government may release about Rs 70 billion in six tranches of an equivalent amount every Tuesday to state oil marketing companies (OMCs) for under-recoveries during January-March period. State-run OMCs incur under-recoveries or revenue loss as they sell diesel, kerosene and cooking gas at subsidised price. The government compensates these firms for the under-recoveries every year
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Under-recovery on diesel sales rises
According to union oil ministry, the under-recovery incurred by oil marketing companies (OMCs) on sale of diesel at subsidised price for the second fortnight effective June 1 rose to Rs 4.87 per litre from Rs 3.73 per litre on May 16. However, under-recoveries towards PDS kerosene and domestic LPG declined to Rs 27.75 per litre (from Rs 27.93 per litre) and Rs 335.14 per cylinder (from Rs 378.38 per cylinder), respectively, the ministry said in a state
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OMCs await govt decision on compensation formula
State-run oil marketing companies (OMCs) and upstream firms like ONGC are awaiting the final decision from the government on adopting the formula for compensating the OMCs for under-recoveries. While union finance ministry wants the adoption of export-parity pricing model to compensate for under-recoveries, petroleum ministry opposes the proposal as it woul
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Govt aims to save upto Rs 100 bn via DBT scheme
The government plans to save Rs 8,000 crore to Rs 10,000 crore annually on subsidy expenditure towards liquefied petroleum gas (LPG) following the partial roll out of Direct Benefits Transfer (DBT) scheme. The government recently decided to provide subsidies on cooking gas cylinders by crediting the amount directly in the bank account of beneficiaries in 20 di