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.
Reuters | Saturday July 19, 2014
Japan will offer at least 2 million yen ($19,700) in subsidies for fuel-cell vehicles, Prime Minister Shinzo Abe said.
Tuesday July 8, 2014
Global rating agency Fitch has said the regular increase in diesel price to align it with market will lead to a 25 per cent fall in fuel under-recoveries this fiscal year at about Rs 1 lakh crore.
World News | Agence France-Presse | Saturday July 5, 2014
Egypt has drastically raised fuel prices overnight to tackle a bloated subsidy system, in a potentially unpopular move that might blow back on newly elected President Abdel Fattah al-Sisi.
Friday July 4, 2014
The Oil Ministry is likely to move the Cabinet Committee on Political Affairs (CCPA) soon with an expert panels recommendations of raising kerosene price by Rs 4 per litre and cooking gas (LPG) rates by Rs 250 per cylinder.
Wednesday July 2, 2014
Diesel prices are likely to be completely deregulated over the next 12 months as monthly increases in the price bridge the gap between cost and retail price, rating agency Moody's said on Wednesday.
Wednesday July 2, 2014
Rating agency Moody's expects the government to reduce its fuel subsidy bill through a gradual process that in turn will lead to higher product prices and prove credit positive for oil marketing companies.
Wednesday June 18, 2014
With sale of branded or premium petrol and diesel falling to almost nil due to high duties, a government appointed expert panel has recommended slashing excise duty to make them at par with regular fuel.
Tuesday June 3, 2014
State-owned Oil and Natural Gas Corp (ONGC) has paid a whopping Rs 272,721 crore in fuel subsidy over the past 11 years, denting its profitability.