-The Business Standard Union finance minister Pranab Mukherjee was being economical with the truth when he said that last Saturday’s petrol price hike decision was entirely that of oil marketing companies (OMCs). True, the government correctly but belatedly deregulated petrol pricing several months ago, but it is clear that despite a sharp increase in global crude oil prices in the past six months, the OMCs restrained themselves from increasing domestic...
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Centre has no say in oil prices, says FM
-The Telegraph The Trinamul Congress was silent on the petrol price hike for the second day, its leaders only saying that Mamata Banerjee would speak on the issue. While Trinamul is still working on its response to the Rs 5 rise that the Left has pounced on to attack the UPA government, of which the party is a key member, finance minister Pranab Mukherjee today said the Centre could not be...
More »Petrol price may be hiked by Rs 3
A hike in diesel and domestic LPG prices has been deferred for now, but an increase in petrol prices later this week looks imminent. An Empowered Group of Minister (EGoM) headed by Finance Minister Pranab Mukherjee was to meet on Wednesday to consider raising the diesel price by Rs 3-4 a litre and domestic LPG rates by Rs 20-25 per cylinder, but the meeting was deferred without assigning any reason. "No new...
More »Look before you leap
The long search for an effective system to target subsidies on food, fertiliser and fuel has finally ended with the Planning Commission accepting the idea of an Aadhaar-based rechargeable smart card. Ideas like direct cash transfers and food stamps have been rejected in favour of the Aadhaar smart card. The new proposal can help target the food subsidy with the tamper-proof biometric cards – Aadhaar unique identity cards – being...
More »Bid to restrict subsidised LPG use by R Suryamurthy
The government plans to restrict subsidised domestic LPG cylinders to six per household every year. For additional cylinders, consumers will have to pay the market price. Data show 65-70 per cent of households use 5-6 cylinders (14.2 kg) a year, while the remaining use more. In Calcutta, PSU oil marketing firms suffer a loss of Rs 329.73 by selling an LPG cylinder at Rs 365.10. A senior oil ministry official said the proposal...
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