Diesel price hiked by 45 paise; petrol price cut by 25 paise

[email protected] (Agencies )
January 18, 2013

Diesel

New Delhi, Jan 18: Barely hours after the government permitted oil marketing companies to set diesel prices, the retailers increased the price of the fuel.

Oil companies hiked the price of diesel by 45 paise excluding taxes effective today, Indian Oil said in an official statement. The good news -- petrol prices, which were only earlier this week hiked by 35 paise, will come down by 25 paise per litre.

While the price of petrol is purely market-determined, diesel is still under government control, even though oil firms now have the freedom to make minor revisions in the price.

According to Indian Oil, the hike in diesel price will lead to a cut in under-recoveries by Rs. 3,400 crore till March 2013. "Based on the current prices and volumes, the decrease in the under-recoveries on annual basis on HSD (diesel) shall be approx. Rs.15,000 crore for OMCs (oil marketing companies) as a whole," it said in the release.

Earlier in the day, the government, in a move that could drastically trim its budget-busting subsidy bill, allowed the state-run oil marketing companies to raise the price of subsidised diesel in small amounts every month. According to sources, it has permitted the retailers to raise diesel prices by up to 50 paise every month, news agency Reuters said.

The Cabinet also decided to raise the cap on subsidized cooking gas cylinders (LPG) from six a year to nine for fiscal year 2013-14. However, the oil marketing company stated that no refund shall be admissible on any LPG domestic cylinder already supplied at non-subsidized price from September 2012.

Also, it announced an increase in the price of non-subsidised LPG cylinder by Rs.46.50 per cylinder. However, Indian Oil said: "Any decrease in the under-recoveries on account of increase in price of domestic non-subsidized LPG is estimated to be insignificant as the number of subsided cylinders has been increased."

The hike in LPG cap will increase under-recoveries for all oil marketing companies to Rs.10,000 crore, Indian Oil said.

India's policy to subsidise retail prices of fuels such as diesel, which accounts for about 40 per cent of refined fuel consumption, is a major drain on the budget. State-run refiners currently sell diesel at a loss of Rs. 9.28 per litre.

There had been some speculation that the government would announce an increase in diesel prices, but Oil Minister Veerappa Moily said that decision will now be left to the marketing companies.

The government announcement came with many clarifications that diesel prices are not being de-regulated and that the retailers can make only minor changes.

Finance Minister P Chidamabaram said the oil companies had been "given (the) freedom to make small price corrections".

An order issued by the Oil Ministry post the Cabinet decision stated that bulk users be charged market price. Subsequently, Indian Oil announced that the price for bulk users will be hiked Rs. 9.25 (excluding VAT) over and above the current rate of Rs. 47.15 in Delhi. The government is expected to save about Rs. 9,000 crore of raise in price for retail buyers.

Stocks of oil companies shot up after the news. HPCL ended the day at Rs. 365, 5.43 per cent higher, while the IOC stock closed 6.60 per cent higher at Rs. 315.90. BPCL shares closed 6.06 per cent higher at Rs. 345.60.

The other subsidy decision -- to increase the number of subsidised cylinders allowed per household from six to nine -- comes after much political pressure from not just other parties, but also the Congress, that leads the UPA government at the Centre. The increase will be effective from April 2013; for the remaining part of this fiscal year, ending March 31, 2013, the cap has been hiked to five from three.

The decision to limit the use of subsidised LPG cylinders to six per household was taken by the Manmohan Singh government in September last year as part of a bucket of reforms that saw the Triamool Congress quit the coalition government in a huff, reducing it to a minority in the Lok Sabha.

After many protests, the government had decided on a partial rollback of its LPG decision some time ago.

The Congress had already hiked the cap from six to nine in the states it rules. The Centre had recently written to the Election Commission, seeking permission to raise the cap on LPG cylinders to nine, since elections had been announced in Gujarat and Himachal Pradesh and a model code of conduct was then in place. The commission examined the request and permitted the Centre to raise the cap.

Mr Moily said many Chief Ministers had written to him saying six subsidised LPG cylinders were just not enough.

Ratings agencies threatened last year to strip India of its investment-grade credit rating if the government did not take steps to rein in a widening fiscal deficit. Mr Chidambaram has repeatedly vowed that the deficit will not exceed 5.3 per cent of gross domestic product this financial year.

India imports more than 80 per cent of its fuel needs. The government liberalised petrol prices in June 2010, but has often prevented them from being raised to reflect rising oil prices on global markets.

Fuel consumption in India rose 5 per cent in the last fiscal year, its fastest since 2007-08.

The Oil Ministry had earlier forwarded a note for consideration by the Cabinet, proposing options for meeting a record Rs. 160,000 crore deficit arising from selling auto and cooking fuels below costs.

Sources said since the Finance Ministry has refused to bear any additional subsidy arising from raising the cap on supply of subsidised LPG, the Oil Ministry had proposed to make up for the shortfall by raising prices.

It had proposed a Rs. 3-4.50 per litre hike in the price of diesel and aRs. 100 hike in the price of LPG along with raising the number of subsidised cooking gas cylinders for households to nine a year.

It had also proposed a quarterly increase of Rs. 50 per cylinder from April until the entire losses were wiped off. On diesel, it had proposed a Rs. 3-4.50 per litre hike in one go or in monthly instalments of Re 1 or Rs. 1.50 per litre.

From April, it wanted Re 1 a litre increase in diesel prices every month till such time that the current loss of Rs. 10.16 per litre was wiped out.

According to the ministry's estimates, raising the cap to nine subsidised cylinders will lower savings to Rs. 2,500 crore per annum, compared to the savings of Rs. 12,000 crore estimated when six cylinders are issued at subsidised rates and the rest were sold at market prices.

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News Network
June 2,2020

New Delhi, Jun 2: Manu Sharma, a convict in the 1999 Jessica Lal murder case, was released from Tihar Jail yesterday on the grounds of good behaviour after serving more than 16 years in prison, jail officials said on Tuesday.

Sharma had received the approval of the Lieutenant Governor of Delhi for his release after a recommendation of the Sentence Review Board for the same.

Advocate Amit Sahni, while speaking to ANI, had said that Delhi Lieutenant Governor Anil Baijal had approved the name of Siddharth Vashishth also known as Manu Sharma for release from Tihar Jail.

He said that Sharma's name was approved in a sentence review board meeting held on May 11. Earlier, Delhi High Court had also asked the SRB to consider his name for release.

Sharma, the son of former Congress leader Venod Sharma, was convicted for shooting and murdering Jessica Lal, when she refused to serve him liquor at Tamarind Court restaurant at Qutub Colonnade in south Delhi's Mehrauli on April 29, 1999.

Vashishth, 45-years-old, was serving a life term in connection with a case registered under Section 302 (murder), 201 (causing disappearance of evidence of the offense or giving false information to screen offender) and 120B (criminal conspiracy) of the Indian Penal Code (IPC).

According to officials, the convict has undergone imprisonment for 16 years, 11 months and 24 days in actual, and 23 years 4 months and 22 days with remission. He has availed parole 12 times and furlough 24 times.

Earlier, Manu's wife -- Preity Sharma -- had approached the National Human Rights Commission (NHRC) claiming that her husband had been illegally detained for more than the prescribed period of incarceration (20 years with remission) as per the prevalent policy of the state.

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News Network
February 14,2020

New Delhi, Feb 14: Senior Congress leader P Chidambaram on Thursday said there must be a "huge mass movement" if any Muslim was sent to detention camps in case the Supreme Court upheld the validity of the Citizenship Amendment Act (CAA).

Speaking at the JNU campus, the former Union minister said the CAA was an outcome of the "NRC fiasco" in Assam that left 19 lakh people out of the document.

The CAA was brought to accommodate the 12 lakh Hindus among the 19 lakh people who could not be included in the National Register of Citizens (NRC) in Assam, he claimed.

Replying to a question by a student on the best course of action if the CAA was upheld by the apex court, Chidambaram said, "When they touch the excluded...they will only be Muslims, to identify and throw them out, declare them stateless, there must be a huge mass movement, resisting any Muslim being thrown out or kept in detention camps."

He also said the Congress believed that the CAA must be repealed and there should be a political struggle so that the National Population Register (NPR) was pushed beyond 2024.

Claiming that the NRC, CAA and NPR were "closely connected" to each other, Chidambaram said, "The CAA was brought due to the NRC fiasco in Assam and the opposition to the CAA gave way to the NPR."

He asserted that the Congress was protesting against the CAA and the NRC across the country, but had consciously avoided going to Shaheen Bagh, as in that case, the ruling Bharatiya Janata Party (BJP) would brand the demonstration against the amended citizenship law as a "political" one.

"See, we are not going to Shaheen Bagh because that would be falling into the BJP's trap. If we go there, they (BJP) will say it is political," the senior Congress leader said.

Slamming the CAA and the NRC as instruments undermining the very basis of the formation of India, he said the country, instead, needed a "broad law" on refugees.

Speaking at an event against the NRC, CAA and NPR hosted by the Congress's student wing, NSUI, at the Jawaharlal Nehru University (JNU), Chidambaram accused the BJP of spreading lies against Opposition parties.

"The BJP says the Congress, the Left and other liberal parties are against citizenship to persecuted Hindus, Sikhs from Pakistan, Bangladesh. But we are not against those included, our opposition is against exclusion," he said.

Questioning the rationale behind the CAA, the former finance minister said it excluded people on the basis of religion.

"Why only three countries, what about other neighbouring countries — Nepal, Bhutan, China? What about others treated much worse? The Ahmadiyas and Shias of Pakistan, the Rohingyas of Myanmar, Tamil Hindus are equally persecuted, why are they left out?" he questioned.

Chidambaram also said the CAA did not cover persecution based on language, political ideology and economic deprivation.

Slamming the NRC, he wondered which country would accept those left out of the document.

"Which country is going to accept them? How will they go? Where will you send them? (Home Minister) Amit Shah saying that they are termites and he will throw them out by 2024 is talking through his hat," the senior Congress leader said.

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News Network
July 19,2020

New Delhi, Jul 19: India's Covid-19 case fatality rate is "progressively falling" and is currently at 2.49 per cent, which is one of the lowest in the world, the Union Health Ministry said on Sunday, crediting efficient clinical management of hospitalised cases for it.

There are 29 states and union territories with a case fatality rate (CFR) lower than India's average, with five of them having a CFR of zero and 14 having fatality rate of less than 1 per cent.

The focused efforts of the Centre and state and UT governments on efficient clinical management of hospitalised cases have ensured that India's case fatality rate has fallen below 2.5 per cent, the ministry said.

With effective containment strategy, aggressive testing and standardized clinical management protocols based on holistic standard of care approach, the CFR has significantly dipped, it said.

"The CFR is progressively falling and currently, it is 2.49 per cent. India has one of the lowest fatality rates in the world," the ministry said.

From 2.82 per cent over a month earlier, India's Covid-19 case fatality rate declined to 2.72 per cent on July 10 and has further reduced to 2.49 per cent presently.

Under the guidance of the Centre, the state and UT governments have ramped up testing and hospital infrastructure by combining public and private sector efforts, the ministry said.

Many states have conducted the population surveys to map and identify the vulnerable population like the elderly, pregnant women and those with co-morbidities.

This, with the help of technological solutions like mobile apps, has ensured keeping the high-risk population under continuous observation, thus aiding early identification, timely clinical treatment and reducing fatalities, the ministry said.

"At the ground level, frontline health workers like ASHAs (Accredited Social Health Activists) and ANMs (Auxiliary Nursing Midwives) have done a commendable job of managing the migrant population and to enhance awareness at the community level.

"As a result, there are 29 States and UTs with CFR lower than India's average. This shows commendable work done by public health apparatus of the country," the ministry said.

Manipur, Nagaland, Sikkim, Mizoram, Andaman and Nicobar Islands have zero case fatality rate.

States and UTs having a CFR below the national average include Tripura (0.19 pc),  Assam (0.23 pc), Kerala (0.34 pc), Odisha (0.51 pc), Goa (0.60 pc), Himachal Pradesh (0.75 pc), Bihar (0.83 pc), Telangana (0.93 pc), Andhra Pradesh (1.31 pc), Tamil Nadu (1.45 pc), Chandigarh (1.71 pc), Rajasthan (1.94 pc), Karnataka (2.08 pc) and Uttar Pradesh (2.36 pc).

India saw a record single-day jump of 38,902 Covid-19 cases pushing its tally to 10,77,618 on Sunday, while the total number of recoveries increased to 6,77,422.

A total of 23, 672 patients have recuperated in the past 24 hours, the highest so far in a day, according to the health ministry data updated at 8 AM.

According to the Indian Council of Medical Research (ICMR), a cumulative total of 1,37,91,869 samples have been tested up to July 18 with 3,58,127 samples being tested on Saturday. 

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