New Delhi: After a hike in diesel prices, sources say a hike in petrol and kerosene prices is also on the cards. The government is reportedly under tremendous pressure from oil firms, who are losing a over Rs 550 crore per day. The hike in diesel prices was long overdue. Today fuel subsidies account for 32 per cent of the country's fiscal deficit with diesel being the main contributor. Last...
08:39 AM, Sep 14, 2012
Chennai: Charging the Congress-led UPA government at the Centre with lacking economic ideas to tackle the fuel price hike, Tamil Nadu Chief Minister Jayalalithaa on Thursday demanded immediate rollback of Rs five hike in diesel prices, besides the ceiling on supply of subsidised cylinders. "The argument that increase in global crude prices and falling value of Indian Rupee against US Dollar are reasons for diesel price hike lacks substance. If...
11:15 PM, Sep 13, 2012
The government on Thursday hiked the price of diesel by Rs 5 per litre, to be effective from midnight. The Cabinet Committee of Political Affairs (CCPA), however, decided not to hike the price of kerosene. ...
11:08 PM, Sep 13, 2012
New Delhi: Describing the hike in diesel prices as a cruel joke and "mortal blow" on the common man and farmers, BJP on Thursday accused the government of conspiring with petrol 'mafia' and said it will not allow the hike and take to the streets instead. "This is a cruel joke on the common man in the country. It has hit farmers hard during the peak paddy sowing season. We...
09:20 PM, Sep 13, 2012
New Delhi: The government on Thursday decided to hike diesel prices by Rs 5 per litre effective midnight tonight, but left petrol, kerosene and LPG rates untouched. Diesel in Delhi costs Rs 41.32 a litre and after this hike, it will cost Rs 46.95, after considering 12.5 per cent VAT on the hike. List of diesel price in major cities: New Delhi: The price of diesel in the national capital...
09:10 PM, Sep 13, 2012
New Delhi: An increase in diesel prices in India should avert a credit rating downgrade for the country, C Rangarajan, chairman of the Prime Minister's Economic Advisory Council, said on Thursday. India raised the price of heavily subsidised diesel on Thursday, in a politically risky move to rein in the fiscal deficit and fight the threat of being the first in the BRICS group of emerging economies to be downgraded...
09:07 PM, Sep 13, 2012
New Delhi: The government, which hiked the diesel price by Rs 5 per litre on Thursday, spared an increase in petrol price by cutting excise duty of Rs 5.50 per litre. While the government announced the diesel price hike to be effective from midnight, it left kerosene and LPG rates untouched. The Cabinet Committee on Political Affairs, headed by Prime Minister Manmohan Singh, this evening decided to raise diesel prices...
08:39 PM, Sep 13, 2012
New Delhi: The Congress core group on Tuesday put on hold an immediate hike in the prices of petrol and diesel. The Congress party maintained that it was against the immediate hike. According to reports, Union Oil Minister S Jaipal Reddy and Union Finance Minister P Chidambaram argued in favour of the immediate hike at the core group meet. While a hike in the prices has not been ruled out...
07:59 PM, Sep 11, 2012
New Delhi: Political pressure from within the United Progressive Alliance (UPA) over fuel price hike forced the Cabinet Committee on Political Affairs meeting, which was scheduled to be held later on Tuesday, to be postponed. While the Finance and Petroleum ministries want an immediate hike, pointing out that future economic reforms won't be possible without lowering subsidies, UPA constituents like the Congress and the Trinamool Congress are against the prosed...
03:12 PM, Sep 11, 2012
New Delhi: An increase in diesel, cooking gas and kerosene price is "unavoidable", Oil Minister S Jaipal Reddy said on Tuesday but indicated that the hike may not be decided by the Cabinet Committee on Political Affairs (CCPA) at its meeting later in the evening. "There is a meeting of the CCPA (this evening). This item (increase in diesel and cooking fuel) is not listed," he told reporters after meeting...
01:52 PM, Sep 11, 2012
New Delhi: The Central Government is in a bind over the increasing fuel prices as several UPA constituents are opposed to the move. Even as state-run oil companies like Hindustan Petroleum, Bharat Petroleum and Indian Oil Corporation say they are losing around Rs 15/litre on sale of diesel and approximately, incurring losses of Rs 200 crore each day on sale of this fuel, political pressure may force the government to...
01:05 PM, Sep 11, 2012
New Delhi: The prices of diesel, kerosene and LPG are likely to be hiked, according to sources. Sources say diesel prices are likely to be hiked by Rs 4 to 5 per litre, while the price of LPG is expected to be hiked by Rs 50 per cylinder. Oil companies will take the final decision on the price of petrol. According to sources, Finance Minister P Chidambaram and Petroleum Minister...
10:05 AM, Sep 11, 2012
New Delhi: The Cabinet Committee on Political Affairs will meet on Tuesday at 5:45 pm and is likely to discuss the fuel price hike. The Cabinet was awaiting UPA Chairperson Sonia Gandhi's return from her foreign trip to take a decision of the fuel price hike. The Oil Ministry had circulated a Cabinet note on fuel price hike. Finance minister P Chidambaram was reportedly pushing for a hike in fuel...
09:16 AM, Sep 11, 2012
New Delhi: The Centre may finally bite the bullet and hike fuel prices soon. Oil minister Jaipal Reddy speaking on Friday, though, ruled out an immediate hike, but he warned of painful decisions that need to be taken. The Oil Ministry has circulated a Cabinet note on fuel price hike. Finance minister P Chidambaram is reportedly pushing for a hike in fuel prices. A final decision will be taken after...
02:25 PM, Sep 07, 2012
New Delhi: Petroleum and Natural Gas Minister Jaipal S Reddy on Friday said that there was "no immediate plan" to increase fuel prices. The minister's statement came amidst reports that the government was planning to hike petrol prices by Rs 5 per litre. Addressing the media, Reddy said, "There is no immediate proposal to hike fuel prices, including petrol. The Cabinet will take the final call." The minister added, "We...
11:56 AM, Sep 07, 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
New Delhi: An increase in petrol, diesel, domestic cooking gas (LPG) and kerosene prices looks "imminent" after the Finance Ministry said it has no money to provide for fuel subsidy. "This (hike) is imminent. There is no question of holding back now," a top oil ministry official said on Tuesday. In all possibility, prices may be increased after the current monsoon session of Parliament ends on Friday. Diesel, domestic LPG...
06:17 PM, Sep 04, 2012
Chennai: It looks like there will soon be an auto rickshaw revolution in the state. Close on the heels of Prahalathan Karunakarans change.org petition to raise auto fares in the state, auto drivers under the Centre of Indian Trade Unions (CITU) have banded together to urge the Tamil Nadu government to raise the outdated auto fares in accordance with the rising prices of fuel. The last time the auto fares...
01:02 PM, Sep 01, 2012
New Delhi: The Comptroller and Auditor General of India (CAG) in its report on Oil and Natural Gas Commission (ONGC) has slammed the PSU for poor performance, static production and lowest drilling efficiency in the sector. The report said that the company did not complete work in 74 per cent of its blocks and that its exploration costs overshot target by a huge margin. "ONGC made lesser discoveries than Reliance...
01:41 PM, Aug 28, 2012
New Delhi: State-run gas utility GAIL India Ltd has cut its equity stake in ONGC's Dahej mega petrochemical project to 15.5 per cent after project cost further escalated by 9.5 per cent. GAIL had in 2008-09 picked up 19 per cent stake in ONGC Petro-additions Ltd (OPaL) which is building a mega petrochemical complex at Dahej in Gujarat. The 1.1 million tonnes plant was at that time estimated to cost...
02:13 PM, Aug 23, 2012
