Prices of diesel may go up by Rs 4-5/ltre

May 28, 2012

dies

New Delhi, May 28: After a steep hike in petrol prices last week, the government is bracing itself to bite another bullet on diesel front whereas there are indications that there may be a slight cut in petrol price.

A ministers’ meeting on controlled fuel, coming anytime after May 31, may decide on a Rs 4 to Rs 5 per litre rise in diesel prices.

Official sources said the hike could be in the range of Rs 4 to Rs 5 per litre on diesel, although the demand was somewhere around Rs 12 per litre.

“The huge subsidy on diesel, LPG and Kerosene has almost thrown government’s finances in a disarray and the revision is warranted in order to check that,” the sources said on condition of anonymity.

The state-owned oil companies currently are losing Rs 512 crore per day on selling diesel, domestic LPG and kerosene. Diesel is currently sold at a loss of Rs 15.35 a litre, kerosene at Rs 32.98 per litre loss and oil firms lose Rs 479 on sale of every 14.2 kg domestic LPG cylinder.

However, there was no reason given behind why the meeting would take place only after May 31, but analysts said that the government battling a backlash from within and outside due to a steep Rs 7.50 a litre hike in petrol prices, is perhaps buying time to let frayed nerves cool before calling the Empowered Group of Ministers (EGoM), where UPA’s allies and critics of price hike, the TMC and DMK, are also represented.

The EGoM on oil headed by Pranab Mukherjee was due to meet last week. The ministers’ meeting on revision of diesel, LPG and kerosene prices has not taken place since July 2011.

Petrol price cut

Amid protests and a call for an opposition-sponsored bundh on May 31, a slight revision in petrol prices is possible before this month end, a little ahead of the next revision cycle for petroleum prices.

“We are planning to revise petrol prices as the global crude has stabilised in the past fortnight. The volatility in rupee is still posing some problem, but we will see how far it can be done,” a top source from one of the leading oil companies told Deccan Herald.

“The revision may even come before May 31,” he said without giving details of how much cut could be effected. But sources said the cut could be to the tune of Rs 2 to Rs 3.

Oil companies revise petrol prices on the 1st and 16th of every month on the basis of average international price of crude and exchange rate during the previous fortnight.

A day after the steepest ever hike to the tune of Rs 7.50 per litre in petrol prices, Indian Oil Company chairman R S Butola had said the firms will pass on the benefit to consumers in the next revision cycle as the international oil prices showed some softening trend.

But, analysts are reading the possible revision ahead of the schedule as government’s strategy to avoid any confrontation with the Opposition.

Aware of widening price difference between petrol and diesel, the finance ministry is looking at the possibility of raising excise duty on diesel cars, a demand which was overlooked in the Budget 2012-13.

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News Network
May 9,2020

New Delhi, May 9: Three promoters of Ram Dev International, recently booked by the CBI for allegedly cheating a consortium of six banks to the tune of Rs 411 crore, have already fled the country before the State Bank of India reached the agency with the complaint, officials said on Saturday.

The CBI had recently booked the company engaged in export of Basmati rice to the West Asian and European countries and its directors Naresh Kumar, Suresh Kumar and Sangita on the basis of complaint from the State Bank of India (SBI), which suffered the loss of more than Rs 173 crore, they said.

The company had three rice milling plants, besides eight sorting and grading units in Karnal district with offices in Saudi Arabia and Dubai for trading purposes, the SBI complaint said.

Besides SBI, other members of consortium are Canara Bank, Union Bank of India, IDBI, Central Bank of India and Corporation Bank, they said.

The Central Bureau of Investigation (CBI) did not carry out any searches in the matter because of the coronavirus-induced lockdown, the officials said.

The agency will start the process of summoning the accused, incase they do not join the investigation, appropriate legal action will be initiated, they said.

According to the complaint filed by SBI, the account had become non-performing asset (NPA) on January 27, 2016.

The banks conducted a joint inspection of properties in August and October, nearly 7-9 months later only to find Haryana Police security guards deployed there, they said.

"On inquiry, it has been come to notice that borrowers are absconding and have left the country," the complaint filed on February 25, 2020, after over a year of account becoming NPA, the officials said.

The complaint alleged that borrowers had removed entire machinery from old plant and fudged the balance sheets in order to unlawfully gain at the cost of banks'' funds, it said.

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Agencies
January 12,2020

Mumbai, Jan 12: Thousands of citizens on Sunday congregated in Mumbai's suburban Jogeshwari to oppose the new citizenship law, the proposed NRC and NPR.

They also condemned last Sunday's violence on the JNU campus in Delhi, where masked men ran riot and attacked students. Leftist organisations had claimed RSS-affiliated ABVP's role in the attack, a charge denied by the students' body.

Former Tata Institute of Social Science (TISS) general secretary Fahad Ahmed told PTI that they assembled under the aegis of 'Hum Bharat Ke Log' in Millat Nagar area.

"Prime minister Narendra Modi should call 56 students from across the country to debate on the CAA, NRC and NPR," Ahmed said in an apparent jibe at Modi's "56 inch chest" remark, which the latter had made ahead of the 2014 Lok Sabha polls.

"Why the PM is not talking to us? Why is he not communicating? Even the Britishers used to talk to Indians whom they ruled, but our PM is not talking to poor people," he alleged.

Bollywood actor Sushasht Singh also spoke on the occasion.

"We are people of this country and such acts (CAA) are tarnishing the image of our country," he said.

At the gathering, people waved banners with slogans like "I Am From Gujarat, My Documents Burned in 2002", "No CAA, Boycott NRC, Stop Dividing India, Don't Divide us", "Save Constitution", written on them.

A large number of police personnel were present at the venue.

The Citizenship Amendment Act (CAA), which was notified on January 10, grants Indian citizenship to non-Muslim minorities migrated to India from Afghanistan, Pakistan and Bangladesh till December 31, 2014, following persecution over their faith.

Massive protests were witnessed against the CAA, mainly by the student community, since its passage by Parliament in December last year.

Opposition parties have been dubbing the CAA an "anti-Muslim" legislation, a charge being debunked by the government.

The Congress and other parties like the TMC have also opposed the proposed National Register of Citizens (NRC) and the National Population Register (NPR).

Union home minister Amit Shah has said that the government won't rest until persecuted refugees are granted Indian citizenship.

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News Network
April 17,2020

New Delhi, Apr 17: With 1,076 new cases of COVID-19 in the last 24 hours and 32 deaths, India's total count of coronavirus cases has surged to 13,835, said the Union Ministry of Health and Family Welfare on Friday.

The total cases are inclusive of 1,766 cured and discharged patients, one migrated and 452 deaths. At present, there are 11,616 active COVID-19 cases in the country.

Before the lockdown, the doubling rate of COVID-19 cases was about three days, but according to the data of the past 7 days, the doubling rate of cases now stands at 6.2 days, said Lav Aggarwal, Joint Secretary, Health and Family Welfare.

"Before the lockdown, doubling rate of COVID-19 cases was about three days but according to the data of past 7 days, the doubling rate of cases now stands at 6.2 days," Aggarwal said during the daily briefing on COVID-19.

Aggarwal said that as many as 5 lakh rapid antibody testing kits are being distributed to States and Districts where a high case burden has been observed.

"A total of 1,919 dedicated COVID-19 hospitals with 1.73 lakh isolation beds, 21,800 ICU beds readied in India," he added. 

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