-The Economic Times MUMBAI: Soaring diesel consumption by fleet owners, telecom companies to keep their towers running and malls to pamper their affluent customers is blowing up the theory that continuation of diesel subsidies is intended to help farmers and truckers in order to keep inflation low. Diesel consumption is growing at a rapid pace that is lining the pockets of the business community rather than the government's intention to help poor...
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Govt mulling opening LPG distribution agencies in every block of country
-News on Air The government is considering to open Liquified Natural Gas, LPG distribution agencies in every block of the country to bring it within the reach of the common man. This was stated by the Minister of State for Petroleum and Natural Gas Mr. RPN Singh in the Lok Sabha yesterday. He informed that during 2009-12, public sector oil marketing companies (OMCs) commissioned 905 regular LPG distributorships and 1,026 Rajiv Gandhi...
More »Government agrees in-principle to free diesel prices: Finance Ministry
-PTI The government on Tuesday said it has agreed in-principle to deregulate diesel prices, but is not considering similar proposal for the cooking gas. "Government has, in principle, agreed to make the prices of diesel market determined," Minister of State for Finance Namo Narain Meena said in a written reply to the Rajya Sabha. While petrol prices are market-linked, the government fixes the rates of LPG, kerosene and diesel, which results in a...
More »It’s the executive’s job to fix fuel prices, not court’s: Supreme Court
-The Times of India The Supreme Court on Monday said pricing of petrol and diesel determined by a complex mechanism fell exclusively within executive's policy domain and refused to entertain a public interest litigation demanding rollback of repeated sharp hikes in motor fuel prices. Ex-MP P C Thomas had filed the appeal in the apex court challenging a Kerala high court's decision to dismiss his PIL questioning "irrational and hypothetical fixation of...
More »Oil firms’ losses on fuel sales may spike next fiscal-Utpal Bhaskar
Government-owned oil marketing companies (OMCs) may witness a 52% jump in losses on account of selling fuel below cost at state-mandated prices to Rs.2 trillion in the next financial year, said R.S. Butola, chairman, Indian Oil Corp. Ltd (IOC), the nation’s largest fuel retailer. Such an increase will impact the financials of government-owned OMCs such as IOC, Hindustan Petroleum Corp. Ltd (HPCL) and Bharat Petroleum Corp. Ltd (BPCL), which currently register...
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