INDIA
Vehicle owners can heave a sigh of relief, though only temporarily, as the Centre has asked oil marketing companies (OMCs) to not increase petrol prices till the Uttar Pradesh elections are over.
Vehicle owners can heave a sigh of relief, though only temporarily, as the Centre has asked oil marketing companies (OMCs) to not increase petrol prices till the Uttar Pradesh elections are over.
Senior officials in the petroleum ministry on Friday told DNA, “We can’t hike petroleum prices till budget session. There would be uproar all over the country. Our own allies have opposed price hike in the past.”
Currently, non branded petrol is sold at Rs 65.64 per little in Delhi, Rs70.66 in Mumbai, Rs69.55 in Chennai and 70.03 in Kolkata.
The OMCs, which review prices on the 15th and last day of each month, wanted to raise petrol price by about Rs 2 per litre on December 31. The depreciation in the value of rupee in December had resulted in a revenue loss of Rs 2 per litre on petrol. However, the government did not allow the companies to increase the prices.
The companies had reduced petrol prices by Rs 2.22 per litre, or 3.2%, on November 16, followed by 0.78 paise per litre reduction on December 1. After that, the petroleum ministry did not allow the OMCs to hike petrol prices on two consecutive occasions.
However, the petroleum ministry has asked the ministry of finance to chart out a way to compensate the oil companies for selling the fuel at subsidized rates.
“We are happy that the finance ministry has promised to allocate Rs 30,000 crore, but our real needs would be much more by the end of the year. We will meet the finance minister on the issue before the budget,” the official said.
The finance ministry has already promised allocation of Rs 30,000 crore assistance to oil PSUs for the first two quarter of 2011-12. According to petroleum ministry’s estimates, the under-recoveries (revenue loss) of oil marketing companies in the current fiscal is likely to be around Rs 1,30,000 crore. However this estimate was at the prices of November 2011. There has been a steep rise in the prices of gasoline and the rupee has also been depreciating constantly. The ministry has not released its latest estimates of the full year revenue loss.
Ratan Tata's neighbours share stories of everyday encounters with him, say he was...
Viral video: Internet can't stop gushing over this little girl's breathtaking dance, WATCH
THIS Gautam Adani company's shares are in spotlight as it raises Rs 42000000000 in...
Delhi-NCR's air quality turns 'poor', AQI reaches...
India-Canada row: ‘No action on request to arrest Lawrence Bishnoi gang members’, says MEA
Cyclone Alert: Odisha coast likely to face cyclone next week, IMD issues alert
Noida school horror: Victim's mother reveals 'my daughter was told...'
‘India and Pakistan should bury the past’: Nawaz Sharif after S Jaishankar's visit
'Dil to bachcha hai ji': Rahul Gandhi's heartfelt interaction with kids, WATCH viral video
JEE Main 2025: NTA releases important notice on JEE Main exam pattern
Blow to Mukesh Ambani as Reliance Jio loses 10.9 million subscribers due to...
Joe Biden reacts to Hamas Chief Yahya Sinwar's killing, says 'that obstacle no longer exists but...'
Viral video: Desi girl's sizzling dance to 'Aaj Ki Raat' impresses internet, watch
Watch: Heartwarming video of girl treating slippers like a baby goes viral
Earn Rs 250000000 through THIS NASA challenge: Here’s how you can participate
DNA TV Show: Bahraich murder accused shot in police encounter near Nepal border; 5 held
Good news for Narayana Murthy, Infosys net profit rises to Rs 6,506 crore
Tamannaah Bhatia questioned by ED in Guwahati in money laundering case, details inside
Hamas leader Yahya Sinwar killed in Gaza, Israel PM Netanyahu confirms
UGC NET June 2024 Result DECLARED: NTA announces UGC NET 2024 June exam result online, check here
Did IDF eliminate Yahya Sinwar, or has Martyr been born in Gaza?
Hamas chief Yahya Sinwar among 3 killed by Israel? Israel Defense Forces updates
Kangana Ranaut's Emergency finally cleared by CBFC, new release date...
Here's the film after which Shah Rukh Khan started drinking, his co-stars were Aishwarya Rai and...
Akash Ambani, Shloka Mehta live on 27th floor of Rs 15000 crore Antilia, here's why
Young entrepreneur’s Rahul Sachdeva journey to make foreign education accessible
Is Rajinikanth's Poes Garden home flooded amid Chennai rains? Here's the truth behind viral video
'My family is broken but..': Zeeshan Siddiqui's first reaction to father Baba Siddiqui's death
DNA Auto Award 2024 Has Spoken: Jawa 42 FJ, bringing Neo-classic revolution in Motor Industry
Apple iPad 10th gen vs iPad 9th gen: Should you buy or wait for iPad 11?
Nita Ambani's hairstylist explains why haircuts can't fix damage and offers solutions
Bigg Boss Kannada's Kiccha Sudeepa retires from hosting duties, says 'let's make this season...'
Air India flight from Mumbai transmits emergency signal over London, claims Flight tracker
Elon Musk applauds India's decision: Spectrum allocation favors open access and innovation
BIG UPDATE on IPL auction, Saudi Arabia to host event, will take place on...
Two Bahraich violence accused shot by police in encounter while fleeing to Nepal; 5 held
'I won’t be returning': South African legend bids farewell to Sunrisers Hyderabad ahead of IPL 2025
Indian stargazers spot rare, ancient comet after 80,000 years, see breathtaking pics
'46 all-out new 36 all-out?': Cricket Australia trolls India after batting collapse vs New Zealand
Karwa Chauth 2024: Know the date, timings, history and significance
Mukesh Ambani's Jio superhit 5G plan, offers 90 days validity with unlimited data
IND vs NZ: Virat Kohli equals THIS unwanted record with 9-ball duck against New Zealand in 1st Test
Proba-3: ISRO to launch ESA Solar Eclipse Mission with precision satellites
'Law not blind': Supreme court makes 2 BIG CHANGES, unveils new justice lady and replaced…
J-K: Several CRPF Jawans injured in road accident in Budgam, probe underway
Who is Justice Sanjiv Khanna named CJI Chandrachud's successor, could become next Chief Justice?
Mukesh Ambani's BIG move: Reliance investors to get this DIWALI bonanza, know details here
'Ravan ko kisne maara?' This kid's hilarious answer will leave your in splits, WATCH viral video
Nayab Singh Saini takes oath as Haryana CM in presence of PM Modi, BJP brass
IND vs NZ: India all out for 46 runs, lowest test score at home
Hunter's Moon 2024: NASA drops first glimpse of brightest Supermoon, shares its significance
Meet man, IIT graduate who worked for Indian Railways, then went on to join Elon Musk's...