New Delhi: Petrol prices may be hiked by up to Re 1 a litre this week as the rupee hit a 10-month low making oil imports costlier. As per the practice of revising rates every fortnight, petrol price revision is due on Friday and if Oil Ministry approves the increased prices will come into effect from June 1, sources privy to the development said.
While international oil prices have softened, the rupee has depreciated against the US currency to Rs 56.38/39 per dollar, about Rs 2 lower than the rate at the last revision in March.
This will be the first price-hike in three months' time. Petrol prices were last increased on March 1. Since then, petrol prices have been cut four times on falling global oil prices.
Petrol prices were cut by Rs 3 per litre on May 1, Rs 1.20 on April 16, Re 1 on April 1 and Rs 2.40 on March 16. It costs Rs 63.09 a litre in Delhi currently. With the depreciation in rupee, the loss on diesel sales too has widened to about Rs 5 a litre form Rs 3.78 previously and there was a clear-cut case for implementing the monthly revision of 40-50 paisa per litre from June 16....
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10:12 PM, May 30, 2013
New Delhi: Oil Ministry's proposal for an across-the-board near doubling of natural gas prices has been rejected by the Cabinet Secretariat saying a ministerial panel headed by Defence Minister AK Antony did not have powers to do so. The Ministry had sent a draft proposal for the consideration of the Empowered Group of Ministers (EGoM) to price all domestically produced natural gas - be of state-run ONGC or private sector...
04:18 PM, May 15, 2013
New Delhi: The Supreme Court on Thursday dismissed a plea which had challenged the validity of the Cairn-Vedanta deal and said there was nothing malafide in the transaction. The court was hearing a petition challenging the validity of the $8.5 billion Cairn-Vedanta deal and had sought a CBI probe into it. "There were no extraneous considerations involved in the deal and it should not be interfered with by the court....
11:59 AM, May 09, 2013
The government is "seriously" considering revising rates of LPG and diesel prices but no decision has been taken as yet, Oil Minister M Veerappa Moily said on Wednesday. "All price hike or price reduction...proposals are under serious consideration. We have not taken any decision," he told reporters in the national capital. ...
01:10 PM, Jan 16, 2013
After announcing a hike in railway fares, the government is now set to take a tough decision on raising fuel prices as early as this week or next week. A hike of Rs 4.50 per litre in diesel prices and that of Rs 100 per cylinder for LPG prices is expected. ...
01:19 PM, Jan 10, 2013
Shares in Oil & Natural Gas Corp rose as much as 3.6 per cent on January 10 as part of a rally across oil companies after the oil ministry moved a proposal to raise diesel prices to the federal cabinet. ...
11:26 AM, Jan 10, 2013
The Oil Ministry has made a proposal to Cabinet to raise diesel prices and increase the number of subsidised LPG cylinders available to households to nine a year from the current cap of six, two oil ministry sources said on Wednesday. ...
05:59 PM, Jan 09, 2013
Diesel prices may be hiked by Rs 10 per litre over a 10-month period and kerosene rates increased by same quantum over the next two years if a proposal of the Oil Ministry is accepted. The price hike is being considered as the government scrambles to find ways to meet an unprecedented Rs 160,000 crore deficit expected this fiscal on selling diesel, cooking gas (LPG) and kerosene below their production...
04:32 PM, Dec 27, 2012
The Oil Ministry will raise the cap on supply of subsidised cooking gas (LPG) to 9 cylinders per household in a year provided the Finance Ministry agrees to give an additional Rs 3,000 crore in 2012-13. Oil Minister M Veerappa Moily on Thursday first met Finance Minister P Chidambaram and then held a two-hour long brainstorming with heads of the three PSU fuel retailers on the issue of raising the...
06:51 PM, Nov 29, 2012
New Delhi: A day after CNN-IBN reported that the Comptroller and Auditor General (CAG) pulled up the Oil Ministry for agreeing to the conditions of Reliance Industries Limited (RIL) for the audit of KG-D6 Basin, the company on Saturday issued a statement denying it was opposed to an audit by the Constitutional body. The company pointed out that it had never opposed previous audits ordered by the government. It said...
09:15 PM, Nov 03, 2012
New Delhi: Hours after it was reported that the Comptroller and Auditor General of India (CAG) pulled up the Oil Ministry over Reliance KG-D6 audit report, Congress General Secretary Digvijaya Singh hit out at CAG Vinod Rai, asking him to first control his own office. The senior Congress leader tweeted on Saturday, saying, "The CAG has to stop the sermonising and instead look into his leaky office." On Friday, it...
09:54 AM, Nov 03, 2012
The Comptroller and Auditor General (CAG) has pulled up the Union Oil Ministry for agreeing to the conditions of Reliance Industries Limited (RIL) for the audit of KG-D6 basin. Congress dares Swamy to move court, says no fraud committed by Sonia and Rahul. ...
11:57 PM, Nov 02, 2012
Oil Minister M Veerappa Moily has said that it's a matter between the Ministry and RIL, and law would take its course. ...
11:55 PM, Nov 02, 2012
The CAG pulled up the Oil Ministry for agreeing to Reliance Industries Limited's conditions for an audit of the KG-D6 field. ...
09:45 PM, Nov 02, 2012
New Delhi: The Comptroller and Auditor General (CAG) has pulled up the Union Oil Ministry for agreeing to the conditions of Reliance Industries Limited (RIL) for the audit of KG-D6 basin. According to sources, the auditing body told the Ministry that it should have been consulted before assuring the company. The CAG further refused to accept all the conditions that were laid out by Reliance Industries Limited for audit. Sources...
08:36 PM, Nov 02, 2012
New Delhi: The Comptroller and Auditor General (CAG) has pulled up the Union Oil Ministry for agreeing to the conditions of Reliance Industries Limited (RIL) for the audit of KG-D6 basin. According to sources, the auditing body told the Ministry that it should have been consulted before assuring the company. The CAG further refused to accept all the conditions that were laid out by Reliance Industries Limited for audit. Sources...
06:43 PM, Nov 02, 2012
New Delhi: The government on Thursday strongly rebutted allegations of it showing favouritism towards Reliance Industries, saying decisions were taken objectively without fear or favour and that it had way back in 2010 rejected the company's demand for a revision in gas price. Terming allegations levelled by India Against Corruption (IAC) as "baseless and frivolous, the Oil Ministry in a six-page statement said the Congress-led UPA-I and UPA-II governments under...
07:59 PM, Nov 01, 2012
Was Jaipal Reddy downgraded because of him being tough on Reliance and his inability to manage oil marketing companies better. ...
07:34 PM, Oct 29, 2012
New Delhi: Dismissing all speculations of veteran Congress leader S Jaipal Reddy being upset over the change in his portfolio, the new Union Minister for Science and Technology said that he was "excited to be a part of this ministry" and called it an important one. Addressing a press conference after assuming his new office, Reddy said, "Science and Technology is an important ministry and Prime Minister Manmohan Singh has...
06:28 PM, Oct 29, 2012
New Delhi: A hike of Rs 5 per litre in petrol price is likely to be announced in the next 24 to 48 hours. According to official sources, the Oil Ministry may allow the oil manufacturing companies to announce the hike. According to Oil Ministry sources, the Prime Minister's Office (PMO) and the Finance Ministry are on board for the price hike. Sources also said that though the Cabinet note...
06:56 PM, Sep 06, 2012
