New Delhi: Union Minister for Overseas Affairs Vayalar Ravi has pushed for reduction in petrol prices by claiming that the oil marketing companies are making profits. In a letter to Union Minister for Petroleum S Jaipal Reddy, Ravi said that the claim by the oil companies that they are running in loss isn't true. He said Indian Oil Corporation (IOC) made a profit of Rs 12,670 crore in January-March quarter...
08:11 PM, Jun 02, 2012
New Delhi: The Finance Ministry is considering raising the excise duty on diesel cars. The suggestion was mooted long back by the Oil Ministry. This came after the inter ministerial group on inflation and diesel pricing options met on Monday. However, Oil Minister Jaipal Reddy has categorically said that the government was not considering a hike in diesel, LPG and kerosene prices right now. Government sources said that the Empowered...
01:11 PM, May 28, 2012
New Delhi: The UPA government may face more flak over the next few days. Sources have told CNN-IBN that after petrol a diesel price hike is on the cards as well. In fact the government may hike prices as early as June. Sources have also said that the timing will depend on the political scenario, the way the rupee moves as well as on the market conditions. CNN-IBN has also...
07:33 AM, May 26, 2012
Catch the day's top stories on India at 9 with Rajdeep Sardesai. ...
11:52 PM, May 25, 2012
Petroleum Minister Jaipal Reddy on Friday defended the hike in oil prices, ruling out a partial rollback anytime soon. ...
10:12 PM, May 25, 2012
New Delhi: The government on Friday ruled out any immediate rollback of the fuel price hike. Oil Minister Jaipal Reddy, defending the move, said the government would wait and watch for a few days and that the country could not be run on popular sentiment alone. The Congress, however, is pushing the government for at least a partial rollback. Meanwhile, with the Opposition and allies announcing a street fight in...
09:43 PM, May 25, 2012
New Delhi: Petroleum Minister Jaipal Reddy on Friday defended the hike in oil prices and said that the government will watch the international situation for a few days before taking a decision on the issue. The minister added that a partial rollback of the prices was not likely soon. Reddy said, "India is facing the twin crisis of rupee devaluation against US dollar and a substantial increase in the international...
05:57 PM, May 25, 2012
New Delhi: Oil Minister Jaipal Reddy met Prime Minister Manmohan Singh after returning from Turkmentistan. However, the Prime Minister's Office (PMO) insisted that the meeting was not scheduled to discuss the petrol price hike. Reddy has also been summoned by UPA chairperson Sonia Gandhi and he will meet her later on Friday to explain why the petrol price hike was necessary. Congress sources claimed that Sonia was unaware of the...
01:29 PM, May 25, 2012
New Delhi: Oil Minister Jaipal Reddy is likely to meet UPA chief Sonia Gandhi on Friday. Reddy was not in the country when the petrol hike announcement was made on Wednesday. The meeting comes against the backdrop of Congress President's concern over the Rs 7.54 a litre increase and the party hinting at the possibility of at least a partial rollback of the decision. Reddy who came back from his...
09:53 AM, May 25, 2012
New Delhi: Two days after the government announced the steepest petrol price hike ever, it may go for a partial roll back. However, Oil Minister S Jaipal Reddy on Thursday indicated that it may take a few days. Reddy cut short his Turkeministan visit and met Sonia Gandhi's political secretary Ahmed Patel to discuss the issue. AICC spokesperson Manish Tewari said the party was hopeful that some kind of a...
08:23 AM, May 25, 2012
New Delhi: With the party and the government coming under attack over the steep hike in petrol price, Oil Minister S Jaipal Reddy is understood to have met Ahmed Patel, political secretary to Congress President Sonia Gandhi, and discussed the issue. The meeting comes against the backdrop of Congress President's concerns over the Rs 7.54 a litre increase and the party hinting at the possibility of at least a partial...
02:42 AM, May 25, 2012
New Delhi: A partial rollback in the petrol price hike is on the cards with the Central Government realising that the steep increase of over Rs 7.50 per litre could have a very heavy political cost. Sources say that while the Congress wants the rollback to be in the range of Rs 3-5, the government is likely to go ahead with a cut of around Rs 2-2.50 per litre. The...
02:56 PM, May 24, 2012
New Delhi: As the rupee continues its free fall, a hike in petrol, diesel and LPG prices is likely this week. The rupee fell to a record life low of 56 per dollar on Wednesday. The rupee on Wednesday ended at a record closing of 56 per dollar versus 55.39 per dollar on Tuesday. The Empowered Group of Ministers (EGoM) is likely to meet on a decision on fuel prices...
12:13 PM, May 23, 2012
Petroleum Minister Jaipal Reddy has once again hinted at the possibility of petrol price hike. ...
07:01 PM, May 22, 2012
Amritsar: With rupee depreciation leading to jump in oil import bill, Petroleum Minister S Jaipal Reddy on Tuesday said there is an immediate need to raise fuel prices, but refused to say when the hike will actually take place. "It (price increase) is very essential but (before hiking rates) we have to talk to political parties," he told reporters here on way to Ashgabat for signing of the agreement for...
05:50 PM, May 22, 2012
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