Ummid Assistant

Samsung sets up fund for poor kids' education

US varsity offers doctorate for education professionals

Welcome Guest! You are here: Home » National

Petrol price hike in the offing as crude soars

Friday March 23, 2012 05:36:00 PM, IANS

Related Articles

Petrol costlier in India than in neighbours, US

Petrol costs more in India when compared to neighbouring countries like Pakistan, Bangladesh, Sri Lanka and is even dearer than what is charged in the US, the petroleum ministry said in a written reply in the Rajya Sabha Tuesday.  »

New Delhi: Consumers may have to bear another round of price hike in auto and cooking fuels as the government is mulling a review in the wake of soaring cost of crude and pressure from state-run oil marketing companies (OMCs) which are incurring heavy losses.

"The perspective of our ministry is that prices of all petroleum products need to be looked at again," Petroleum Minister Jaipal S. Reddy told reporters here Friday.

But the minister was quick to point that fuel price hike was a sensitive issue. The United Progressive Alliance's partner, the Trinamoool Congress, and opposition parties are likely to oppose an increase in prices.

"However, we are living in a real world, not only in the world of numbers. For those decisions I will have to go to the meeting of empowered group of ministers," said Reddy.

Indian Oil, Bharat Petroleum and Hindustan Petroleum have asked the government for about Rs.4,500 crore on account of petrol alone as they were unable to revise prices since December.

At that time the price of Brent crude, which is a benchmark for deciding domestic retail rates was at $109 per barrel. On Thursday it was up 17 percent at $123.31 a barrel in London for May delivery.

Selling subsidised diesel, kerosene and cooking gas, all of which are still regulated fuels have also been bleeding the OMCs.

The biggest OMC, Indian Oil Corp, said the question of a price hike and its quauntum would depend on the government reimbursing the firms for losses.

"Since we have requested the government and if the government is to make us on the whole by reimbursing hundred percent of under recoveries then there may not be a case," said Indian Oil chairman R.S. Butola.

Asked for how long they were willing to wait, he said: "Normally the experience from the past has been that ... may be towards the end of March or by the time we close our books."

Reddy also clarified that India would continue to import crude from Iran.

Although Japan and 10 European nations have been exempted by the US from financial sanctions, which it levies on purchase of Iranian crude, India and China still face the risk of such action.

"We have a systematic plan for receiving oil from Iran. Our companies need oil from Iran and we will continue to do that without violating international law," said the minister.







 
 







 


 

Home | Top of the Page

Comments

Note: By posting your comments here you agree to the terms and conditions of www.ummid.com

Comments powered by DISQUS

i

i

More Headlines

Supreme court recalls notice on Narendra Modi

'Iranians, we love you', says Israeli Facebook page

Argentine province to produce Viagra for free distribution

In Assam, village panchayat bans liquor

'Polio a huge embarrassment for Pakistan'

New Apple iPad in wi-fi trouble?

'Pakistani' submits documents to prove innocence

French gunman killed after 30-hour siege

Give Adarsh building to defence authorities: Court

After 80 years, revolutionaries get graduation degrees

India votes against Sri Lanka, then mollifies Colombo

Congress leader seeks CBI probe against Andhra chief minister

24x7 power for Akhilesh, Mulayam's constituencies

Google Chrome top browser for first time

i

 

 

 

Top Stories

All-party meet on Lokpal fails to break logjam

An all-party meeting convened by Prime Minister Manmohan Singh here Friday to end the stalemate on the anti-graft Lokpal bill ended inconclusively but decided to work towards evolving a consensus on the controversial legislation.  »

All-party meet on Lokpal Friday, Government hopeful of consensus

Lokpal bill gets wobbly in Rajya Sabha

Political games cloud Lokpal bill's fate

 

  Most Read

Salman Khurshid faces heat for not utilising funds for minorities

The Minority Affairs Ministry led by Salman Khurshid has been pulled up by a Parliamentary Standing Committee  »

Stop playing game with Muslims, says Maulana Wali Rahmani

India votes against Sri Lanka, then mollifies Colombo

India Thursday voted for a US-backed resolution urging Sri Lanka to probe rights abuses in the war on the Tamil Tigers, but quickly emphasized that Colombo's sovereignty must be respected.  »

Sri Lankans protest against Geneva resolution

 

  News Pick

Give Adarsh building to defence authorities: Court

The Bombay High Court Thursday suggested to the promoters and members of the Adarsh Housing Society to hand over the controversial 31-storey building to the defence authorities because it posed threat to  »

Nadimul Haq, four others elected unopposed to Rajya Sabha

All five Rajya Sabha nominees from West Bengal - four of the ruling Trinamool Congress and another fielded by the opposition Left Front - were elected unopposed after the Congress withdrew its only candidate from the fray Thursday.   »

TB causing half million annual deaths in South-East Asia: WHO

As the Supreme Court said parliament was the forum to decide the desirability of retaining Section 377 of the Indian Penal Code, the government Wednesday  »

No drug-resistant TB case in India: Expert team

 

Picture of the Day

Prime Minister Dr. Manmohan Singh releasing a book entitled “Hundred Years”, at the Oxford University Press Centenary Celebrations, in New Delhi on March 21 2012. Vice Chancellor University of Oxford Prof. Andrew Hamilton is also seen.

(Photo: Mukesh

 

 
 
 
 
 
 
 

RSS  |  Contact us

 

| Quick links

News

 

Subscribe to

Ummid Assistant

 

National

Science & Technology

RSS

Scholarships

About us

International

Health

Twitter

Government Schemes

Feedback

Regional

History

Facebook

Education

Register

Politics

Opinion

Newsletter

Contact us

Business

Career

Education

     

 

 

Ummid.com: Disclaimer | Terms of Use | Advertise with us | Link Exchange

Ummid.com is part of the Awaz Multimedia & Publications providing World News, News Analysis and Feature Articles on Education, Health. Politics, Technology, Sports, Entertainment, Industry etc. The articles or the views displayed on this website are for public information and in no way describe the editorial views. The users are entitled to use this site subject to the terms and conditions mentioned.

© 2010 Awaz Multimedia & Publications. All rights reserved.