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Fuel price reforms to continue: Moily

December 14, 2013

MoilyNew Delhi, Dec 14: Oil minister M Veerappa Moily on Friday allayed fears of an oil shock by way of hefty increase in diesel and cooking gas prices but said fuel pricing and other reforms in the oil sector would continue irrespective of the Congress's drubbing in the recent assembly polls.

A panel, under former Planning Commission member Kirit Parikh, has suggested raising prices of diesel by Rs 5 a litre and cooking gas by Rs 250 per cylinder and lower the annual cap on subsidized refills to six from nine as measures to cut fuel subsidy.

"Economically that is the right decision but how practical is it, how we can apply (it), which is something we have to take a view on. If the country has to go forward, reform is a must. But, the question is whether we can implement what has been recommended because we have to balance between the consumer (interest) and government revenue. A balanced view will be taken on the report," Moily said.

Moily said the 50 paise a litre hike would continue irrespective of the drubbing that Congress faced in the assembly elections. "Election results will not drive the UPA government or Congress to panic. Congress or UPA will not act in panic. These decisions have been taken in national interest and we will continue to act in best interest of the country and its people."

Without the phased adjustment in rates being effected, the country would not have money to buy raw material (crude oil) and there would be shortages of fuel across the country, he said.

Present pump price of diesel is Rs 9 less than production cost. It would take more that one-and-a-half years to wipe out this gap under the present policy of raising the price by 50 paise a litre every month. The gap has varied from Rs 14.5 per litre in mid-September to as low as Rs 3.5 in May.

The total under-recoveries, or revenue loss, on diesel and cooking fuel (LPG and kerosene) could be around Rs 147,500 crore, which could lead to the government exceeding the budgeted Rs 65,000 crore for total fuel subsidy burden for 2013-14.

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News Network
January 23,2020

Patna, Jan 23: "They should go wherever they want," Bihar Chief Minister and JDU supremo Nitish Kumar said on Thursday when asked of Prashant Kishor and Pavan Verma's repeated questions about the party's stand's on the newly enacted Citizenship Act.

"It is their personal decision. They should go wherever they want. We don't have an objection. Don't look at JDU in the context of statements by some people. JDU works with determination. We have a clear stand and don't have any confusion," the Chief Minister told reporters here.

"If they have something to tell, they should come and discuss it within the party. They should go wherever they want. They have my good wishes," he said.

JDU spokesperson and national general secretary Pavan Verma has questioned his party's alliance with the BJP in Delhi Assembly polls while Kishor has more than once made his differences with the party known on the issue of the amended Citizenship Act, and National Register of Citizens.

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News Network
January 1,2020

New Delhi, Jan 1: Newly-appointed Chief of the Defence Staff General Bipin Rawat on Wednesday said the armed forces stay away from politics and work as per the directives of the government of the day, remarks that come amid allegations that the forces were being politicised.

Gen Rawat also said that his focus as CDS will be to integrate the efforts of the three services and to work as a team.

"We keep ourselves away from politics. We act according to the directives of the government of the day," he said.

Gen Rawat said his focus will be to ensure best and optimal use of resources allocated to the three services.

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Agencies
July 31,2020

Thiruvananthapuram, Jul 31: People offered Eid-al-Adha namaz while ensuring social distancing norms at mosques in Thiruvananthapuram and Mallapuram on Friday.

Kerala Chief Minister Pinarayi Vijayan had on Thursday announced that the Eid-al-Adha prayers can be offered in mosques of the state on Friday with a limited number of people due to the COVID-19 pandemic.

Kerala is celebrating the festival of Eid-al-Adha on Friday.

Eid al-Adha or Bakrid, also known as "Sacrifice Feast" is marked by sacrificing an animal, usually a sheep or a goat to prove their devotion and love for Allah. Post the sacrifice, devotees distribute the offering to family, friends, neighbours and especially to the poor and the needy. 

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