Friday May 22, 2015
The Finance Ministry has sanctioned Rs 5,223 crore fuel subsidy for the January-March quarter to cover almost all of the revenue loss that the two retailers suffered on selling domestic cooking gas (LPG) and kerosene at government rates.
Press Trust of India | Thursday April 16, 2015
Under-recoveries, or revenue retailers' loss on selling fuel below cost, of Rs 67,091 crore in first nine months of the fiscal were fully accounted for by the subsidy support and dole out from upstream firms like ONGC.
Wednesday April 1, 2015
The government is likely to exempt oil producers ONGC and Oil India from payment of fuel subsidy in the fourth quarter ending March 31, a senior Petroleum Ministry official said recently.
Thomson Reuters | Friday March 27, 2015
State-backed oil producers Oil and Natural Gas Corp and Oil India may be exempt from paying subsidies to fuel retailers in the March quarter, a source familiar with the plan said on Friday.
Press Trust of India | Friday February 27, 2015
Subsidies on food, fuel, fertiliser and others amount to a staggering Rs 3.77 lakh crore but reach only a few of the targeted poor, according to the Economic Survey.
Thomson Reuters | Friday February 20, 2015
Nearly $6.5 billion of the total savings could come from lower fuel subsidy costs.
Press Trust of India | Sunday February 15, 2015
State-owned Oil India Ltd on Sunday reported halving of its December quarter net profit as it was hit by low oil prices and fuel subsidy payout.
Press Trust of India | Thursday February 12, 2015
A total of Rs 15,981 crore in revenue was lost by fuel retailers on selling PDS kerosene and domestic LPG at government-controlled rates in October-December. Of this, the Finance Ministry issued letter providing for less than one-third of this as cas...
Wednesday January 21, 2015
The tumble in global crude prices has been a big benefit for countries like India, which imports nearly four-fifth of its oil requirement. Apart from lower fuel prices and hence lower inflation, the Indian government's subsidy burden also eases signi...
Sunday January 18, 2015
The International Monetary Fund (IMF) has lauded India's efforts to cut fuel subsidies, saying the fall in global crude oil prices provides a golden opportunity to reduce energy subsidies.
Friday January 9, 2015
The government is likely to exempt Oil and Natural Gas Corp (ONGC) and Oil India Ltd from payment of fuel subsidy during the rest of the fiscal year due to a steep decline in global oil rates to around $50 per barrel.
Wednesday December 31, 2014
LPG consumers across the country will from January 1 get cash subsidy directly into their bank accounts so that they buy the cooking fuel at market price.
Tuesday December 16, 2014
Beginning new year, LPG consumers across the country will start getting cash subsidy so that they can buy the cooking fuel at market price.
Monday December 8, 2014
In a big boost to Oil and Natural Gas Corp (ONGC), the Oil Ministry is reworking the fuel subsidy sharing formula to cut its payout by a quarter through adjustment of statutory oil cess against its share. Shares in ONGC rose nearly 1.7 per cent on Mo...
South | Press Trust of India | Saturday December 6, 2014
The Tamil Nadu government today urged the Centre to instruct the Finance Ministry to reconsider its decision to scrap supply of subsidised kerosene through the public distribution system and to restore monthly allocation of the fuel to the state.
Tuesday November 18, 2014
Last month, the Cabinet Committee on Economic Affairs had decided to implement the mixing of five per cent ethanol in petrol, a step which will help the country save around 100 crore litres of fuel every year.
Monday November 10, 2014
The Oil Ministry has sought over Rs 8,183 crore cash subsidy to make good one-third of the losses that retailers like Indian Oil Corp (IOC) incurred on selling diesel and cooking fuel below cost in the September quarter.
Monday October 27, 2014
A prolonged period of weak demand is expected to reduce margins for refineries that produce the transport and industrial fuel, traders and analysts said. The Asian gasoil margin is already set for its worst quarter in October-December since late 2010...
Heena Gambhir | Tuesday October 21, 2014
Oil Minister Dharmendra Pradhan said in an interview to NDTV that the move to deregulate diesel prices is a "well thought decision" and the markets are appreciating it. He also said that as the world is seeing some stability in oil prices, it is the ...
Wednesday October 15, 2014
With international oil prices dropping to multi-year lows, government's oil subsidy bill is likely to be slashed by over 60 per cent in the current fiscal year.
Friday October 10, 2014
A Rs 2.50 per litre cut in diesel prices and a little less than Re 1 a litre on petrol is in offing as international oil rates fell to a 27-month low. Prices may be cut after Maharashtra and Haryana assembly elections are completed on October 15.
Tuesday September 2, 2014
Global rating agency Moody's Investors Service has said the Oil Ministry's plan to divide fuel subsidies equally between the government and the two state-owned upstream oil and gas producers namely ONGC and Oil India, is credit positive for both comp...
Monday August 11, 2014
Fuel retailers sell diesel, domestic LPG and kerosene at government controlled rates which are below market price. The loss they thus incur is made good through cash subsidy from the government and dole from upstream firms like ONGC.
Thursday July 31, 2014
The Oil Ministry has fixed the subsidy payout by upstream firms like Oil and Natural Gas Corp (ONGC) and Oil India Ltd at Rs 15,546.65 crore for the April-June quarter.