THE HIMALAYAN TALK: INDIAN GOVERNMENT FOOD SECURITY PROGRAM RISKIER

http://youtu.be/NrcmNEjaN8c The government of India has announced food security program ahead of elections in 2014. We discussed the issue with Palash Biswas in Kolkata today. http://youtu.be/NrcmNEjaN8c Ahead of Elections, India's Cabinet Approves Food Security Program ______________________________________________________ By JIM YARDLEY http://india.blogs.nytimes.com/2013/07/04/indias-cabinet-passes-food-security-law/

THE HIMALAYAN TALK: PALASH BISWAS CRITICAL OF BAMCEF LEADERSHIP

[Palash Biswas, one of the BAMCEF leaders and editors for Indian Express spoke to us from Kolkata today and criticized BAMCEF leadership in New Delhi, which according to him, is messing up with Nepalese indigenous peoples also. He also flayed MP Jay Narayan Prasad Nishad, who recently offered a Puja in his New Delhi home for Narendra Modi's victory in 2014.]

THE HIMALAYAN DISASTER: TRANSNATIONAL DISASTER MANAGEMENT MECHANISM A MUST

We talked with Palash Biswas, an editor for Indian Express in Kolkata today also. He urged that there must a transnational disaster management mechanism to avert such scale disaster in the Himalayas. http://youtu.be/7IzWUpRECJM

THE HIMALAYAN TALK: PALASH BISWAS LASHES OUT KATHMANDU INT'L 'MULVASI' CONFERENCE

अहिले भर्खर कोलकता भारतमा हामीले पलाश विश्वाससंग काठमाडौँमा आज भै रहेको अन्तर्राष्ट्रिय मूलवासी सम्मेलनको बारेमा कुराकानी गर्यौ । उहाले भन्नु भयो सो सम्मेलन 'नेपालको आदिवासी जनजातिहरुको आन्दोलनलाई कम्जोर बनाउने षडयन्त्र हो।' http://youtu.be/j8GXlmSBbbk

THE HIMALAYAN TALK: PALASH BISWAS LASHES OUT KATHMANDU INT'L 'MULVASI' CONFERENCE

अहिले भर्खर कोलकता भारतमा हामीले पलाश विश्वाससंग काठमाडौँमा आज भै रहेको अन्तर्राष्ट्रिय मूलवासी सम्मेलनको बारेमा कुराकानी गर्यौ । उहाले भन्नु भयो सो सम्मेलन 'नेपालको आदिवासी जनजातिहरुको आन्दोलनलाई कम्जोर बनाउने षडयन्त्र हो।' http://youtu.be/j8GXlmSBbbk

THE HIMALAYAN TALK: PALASH BISWAS BLASTS INDIANS THAT CLAIM BUDDHA WAS BORN IN INDIA

THE HIMALAYAN VOICE: PALASH BISWAS DISCUSSES RAM MANDIR

Published on 10 Apr 2013 Palash Biswas spoke to us from Kolkota and shared his views on Visho Hindu Parashid's programme from tomorrow ( April 11, 2013) to build Ram Mandir in disputed Ayodhya. http://www.youtube.com/watch?v=77cZuBunAGk

THE HIMALAYAN TALK: PALSH BISWAS FLAYS SOUTH ASIAN GOVERNM

Palash Biswas, lashed out those 1% people in the government in New Delhi for failure of delivery and creating hosts of problems everywhere in South Asia. http://youtu.be/lD2_V7CB2Is

Palash Biswas on BAMCEF UNIFICATION!

THE HIMALAYAN TALK: PALASH BISWAS ON NEPALI SENTIMENT, GORKHALAND, KUMAON AND GARHWAL ETC.and BAMCEF UNIFICATION! Published on Mar 19, 2013 The Himalayan Voice Cambridge, Massachusetts United States of America

BAMCEF UNIFICATION CONFERENCE 7

Published on 10 Mar 2013 ALL INDIA BAMCEF UNIFICATION CONFERENCE HELD AT Dr.B. R. AMBEDKAR BHAVAN,DADAR,MUMBAI ON 2ND AND 3RD MARCH 2013. Mr.PALASH BISWAS (JOURNALIST -KOLKATA) DELIVERING HER SPEECH. http://www.youtube.com/watch?v=oLL-n6MrcoM http://youtu.be/oLL-n6MrcoM

Imminent Massive earthquake in the Himalayas

THE HIMALAYAN TALK: PALASH BISWAS CRITICIZES GOVT FOR WORLD`S BIGGEST BLACK OUT

THE HIMALAYAN TALK: PALASH BISWAS CRITICIZES GOVT FOR WORLD`S BIGGEST BLACK OUT

THE HIMALAYAN TALK: PALASH BISWAS TALKS AGAINST CASTEIST HEGEMONY IN SOUTH ASIA

Palash Biswas on Citizenship Amendment Act

Mr. PALASH BISWAS DELIVERING SPEECH AT BAMCEF PROGRAM AT NAGPUR ON 17 & 18 SEPTEMBER 2003 Sub:- CITIZENSHIP AMENDMENT ACT 2003 http://youtu.be/zGDfsLzxTXo

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Saturday, November 5, 2011

No Brahaminical Party did Oppose Neo Liberal Policies AND ECONOMIC Reforms! Nor they did oppose Free Market Sensex Economy of FII FDI Zionist Manusmriti Satanic Global Order. PM advocates further deregulation of fuel prices!The Hegemony sustains the

No Brahaminical Party did Oppose Neo Liberal Policies AND ECONOMIC Reforms! Nor they did oppose Free Market Sensex Economy of FII FDI Zionist Manusmriti Satanic Global Order. PM advocates further deregulation of fuel prices!The Hegemony sustains the Genocide Culture, EXCUSION and tradition of Ethnic Cleansing. NO Brahaminical party did OPPOSE Decontrolling of Oil and Fertiliser. Market Economy is supported by Financial Legislation, Constitution Amendments, Policy making, UID, Disinvestment and Cash Sunsidy! Market Forces are allowed to control the Prices which is linked to Growth. No one opposes the Militarisation of the State which causes Heavy deficit and Credit Burden! It is only Political Gimmick like the Nuclear nautanki witnessed in the Parliament longbefore. Mamata Banerjee is known as Master POPULIST.She is just playing the Vote Bank Equattion Game and Hijacking the Anti UPA mode of the Marxists whom she ousted. Mamat Never did OPPOSE Economic Reforms. She supports Market Free ECONOMY! She aligned with UPA knowing well its Agenda. What she is doing is nothing but political Blackmailing and the Masses would NOT going to gain anything! Mamata is bound to support the Ethnic Cleansing as she is the Human Face of the ASSASIN Brahaminical Hegemony!

Will roll back price hike if government gives directive: Oil companies

India's financial sector priorities to remain unchanged: Manmohan

Sibal expects 4G launch by 2012; limited content a concern

Indian Holocaust My Father`s Life and

Time - SEVEN HUNDRED FIFTY Four

Palash Biswas

http://indianliberationnews.com/

http://indianholocaustmyfatherslifeandtime.blogspot.com/





http://basantipurtimes.blogspot.com/

http://indianliberationnews.com/books/diwali.pdf

Oil - consumption: 3.182 million bbl/day (2010 est.)

Definition: This entry is the total oil consumed in barrels per day (bbl/day). The discrepancy between the amount of oil produced and/or imported and the amount consumed and/or exported is due to the omission of stock changes, refinery gains, and other complicating factors.

Source: CIA World Factbook - Unless otherwise noted, information in this page is accurate as of October 14, 2011

See Alsohttp://www.indexmundi.com/india/oil_consumption.html

No Brahaminical Party did Oppose Neo Liberal Policies AND ECONOMIC Reforms! Nor they did oppose Free Market Sensex Economy of FII FDI Zionist Manusmriti Satanic Global Order. The Hegemony sustains the Genocide Culture, EXCUSION and tradition of Ethnic Cleansing. NO Brahaminical party did OPPOSE Decontrolling of Oil and Fertiliser. Market Economy is supported by Financial Legislation, Constitution Amendments, Policy making, UID, Disinvestment and Cash Sunsidy! Market Forces are allowed to control the Prices which is linked to Growth. No one opposes the Militarisation of the State which causes Heavy deficit and Credit Burden! It is only Political Gimmick like the Nuclear nautanki witnessed in the Parliament longbefore. Mamata Banerjee is known as Master POPULIST.She is just playing the Vote Bank Equattion Game and Hijacking the Anti UPA mode of the Marxists whom she ousted. Mamat Never did OPPOSE Economic Reforms. She supports Market Free ECONOMY! She aligned with UPA knowing well its Agenda. What she is doing is nothing but political Blackmailing and the Masses would NOT going to gain anything! Mamata is bound to support the Ethnic Cleansing as she is the Human Face of the ASSASIN Brahaminical Hegemony!

Unfazed by ally Trinamool Congress' threat of even withdrawing support, Prime Minister Manmohan Singh today virtually justified the hike in petrol prices, saying there should be further movement towards deregulation of fuel prices.

Facing all-round criticism for a steep hike of Rs 1.80 a litre in petrol price, state-owned oil companies today said they will roll back the increase in rate if the government gives a directive to that effect.

At a hurriedly called press conference, Indian Oil Corporation ( IOC) Chairman R S Butola said the government had freed petrol prices in June last year and empowered oil companies to decide the retail rates, but given the ownership structure the PSUs we will abide by the government directive to roll back prices.

"We do not plan to affect a roll-back of prices, but if we get a directive (to roll-back prices), we will have to implement that," Butola, who was accompanied byBPCL Chairman R K Singh, said.

Explaining the reasons for hike in petrol prices, Butola said the oil marketing companies had lost Rs 2,468 crore on selling the fuel below cost in the first half of the current fiscal. This was on top of Rs 2,500 crore loss they incurred in 2010-11.

"Given the magnitude of the losses, the choice before us was to either cut down production or pass on the increase to consumers. We chose to raise prices and continue supply lines," he said.

Admitting that inflation is a problem, Prime Minister Manmohan Singh today said price rise is also a sign of growing prosperity to some extent.

"This (inflation) is a reflection of demand exceeding supply, to some extent it is a sign of growing prosperity of the country," Singh said here in a press conference on the sidelines of the G-20 meet.

Petrol prices have risen by Rs 1.80 per litre, delivering another blow to consumers who are already battling stubbornly high double-digit food inflation and potentially accelerating the shift to diesel by car buyers and factories.


This is the 13th increase in petrol prices since the fuel was decontrolled in June last year, and second since the middle of last month when prices were raised by more than Rs 3.


The latest increase comes after Brent crude oil fell for four consecutive days before rising about half a dollar on Thursday. Oil companies have never cut petrol prices since the government lifted price controls although crude oil has fluctuated.


"We have raised petrol prices by Rs 1.50 per litre exclusive of state taxes because of reasons beyond our control. The sharp rise is due to high crude prices particularly Brent and rupee deprecation," Indian Oil Corp chairman RS Butola told ET.


"I understand that the hike is steep, but we are helpless," Butola said. The oil ministry is also seeking a meeting of the Empowered Group of Ministers to consider a rise in the price of diesel and possibly cooking gas and kerosene. A litre of petrol now cost nearly Rs 28 more than diesel.


The gap was barely Rs 11 in the middle of last year but the government controls diesel prices and has not raised diesel rates as it is struggling to control inflation that has remained high despite the Reserve Bank of India's moves to sharply increase interest rates.


Petrol prices were last raised by over Rs 3 a litre on September 15. With the latest price rise, the fuel's price has risen 33.5% since it was decontrolled in June 2010.


Diesel prices have risen barely 2% over the same period. This has accelerated sales of diesel vehicles and dampened demand for petrol cars as the price difference between the two fuels has widened to Rs 26 a litre, from about Rs 11 in June last year.


As a result, consumers are queuing up to buy diesel cars and even industrial consumers have started using diesel instead of furnace oil, which is a lowgrade industrial fuel that normally sells below the price of diesel. Diesel sales galloped nearly 10% in September while fuel oil sales have declined this year.

*

The government's pricing policy and absence compensation to oil companies for selling kerosene and cooking gas below cost has hurt oil marketing companies.


HPCL on Tuesday reported a net loss of Rs 3,364.48 crore for the quarter ended September 30 due to the failure of the government in paying cash compensation to the company for selling diesel, kerosene and cooking gas below market price at state-determined rates. The company had posted a net profit of Rs 2,089.61 crore in the second quarter of previous financial year.


BPCL, which announced its quarterly result on Monday, also reported a net loss of Rs 3,229 crore for the quarter ended September 30. Indian Oil Corporation is scheduled to declare its quarterly earnings next week.


On a day when state-run oil companies hiked petrol prices, Planning Commission deputy chairman Montek Singh Ahluwalia said that the price of the fuel is not fixed by the government.

"The petrol price is a decontrolled price. Those prices are not set by the government," Ahluwalia said in an interview on the sidelines of G-20 meeting here.

State-run oil marketing companies Indian Oil, Hindustan Petroleum and Bharat Petroleumincreased petrol prices by Rs 1.80 per litre with effect from midnight tonight.

This is the second hike in petrol prices in less than two months and it came on a day when the food inflation rose "dangerously" to 12.21 per cent for the week ended October 22.

On the likely impact of this decision of oil firms on the skyrocketing inflation, he said, "Controlling inflation is a concern for policy makers and representatives of the government have said that inflation is too high and we should bring it under control."

"What the government needs to do, is to look at the overall rate of inflation and bring it down," he added.

The headline inflation measured in terms of Wholesale Price Index (WPI) has been above 9 per cent mark since December last year and stood at 9.72 per cent in the month of September.

  1. Oil price deregulation: Will it benefit consumers or suppliers?

  2. vikas55718.hubpages.com › ... › Hub Statistics and MetricsHub Stats

  3. Oil price deregulation: Will it benefit consumers or suppliers? The second term of the UPA government is burdened from the high expectations of oil marketing ...

  4. Deregulation of oil prices critical - Economy and Politics - livemint.com

  5. www.livemint.com/2011/02/.../Deregulation-of-oil-prices-cri.html

  6. 23 Feb 2011 – Deregulation of oil prices critical, The crude oil forward curve for WTI indicates a long-term price nearing $98 per barrel. In India, oil prices move ...

  7. The Hindu : News / National : Fuel price deregulation is here to stay

  8. www.thehindu.comNewsNational

  9. 27 Jun 2010 – Even as it has gone for total deregulation of petrol price, the government ... Before the revision, oil marketing companies (OMCs) were making ...

  10. Deregulation of oil likely to improve price stability - Money - DNA

  11. www.dnaindia.comMONEY

  12. 26 Jun 2010 – It reinforces the impact of similar moves across Asia and the Middle East.

  13. What the deregulation means for OMCs

  14. www.business-standard.comHomeEconomy & Policy

  15. 26 Jun 2010 – Private retailers happy, but need diesel deregulation, too ... So, whileoil marketing companies (OMCs) would be free to price their products ...

  16. Deregulation - Wikipedia, the free encyclopedia

  17. en.wikipedia.org/wiki/Deregulation

  18. The Emergency Natural Gas Act (signed February 2, 1977) was a mix of regulation in response to OPEC price hikes and deregulation and the 1973 oil crisis in ...

  19. India: oil price deregulation to have far-reaching - TradingMarkets.com

  20. www.tradingmarkets.com/.../esrlf_india-oil-price-deregulation-to-hav...

  21. SAKETVAANI: Deregulation of Oil Prices in India

  22. saketvaani.blogspot.com/.../deregulation-of-oil-prices-in-india.html

  23. 12 Feb 2010 – Why has the issue of deregulation of oil prices in India gained so much attention lately? For this we need to understand the present context. ...

  24. Oil companies react to fuel price deregulation hopes - Economic Times

  25. articles.economictimes.indiatimes.comCollectionsIndian Oil

  26. 4 Feb 2010 – MUMBAI: Oil & gas counters witnessed a strong start on Thursday amid reports that the government is considering a proposal to deregulate fuel ...

  27. Deregulation of Oil Prices « my Scribbling

  28. myscribbling.wordpress.com/2010/06/25/deregulation-of-oil-prices/

  29. Deregulation of Oil Prices. Posted on June 25, 2010 by CK. For quite sometime now, i have been thinking about the 'India – shining' story. The country has made ...

  30. News for Deregulation of Oil Prices

    *
  31. The Hindu

  32. Petrol prices: Mamata issues ultimatum; PM defends price hike and ...

  33. NDTV.com - 3 hours ago

  34. The government had deregulated or freed petrol from all price controls last year. ... With so much heat on the issue, these state-owned oil companies that ...

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UPDATE 1-India's ONGC Q2 net jumps on higher prices, lower subsidy


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Analysis & Opinion


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Fri Nov 4, 2011 10:10am EDT
* Q2 net 86.4 bln rupees vs forecast 65.1 bln rupees
* ONGC shares end lower in Mumbai trade ahead of results
* Keen on bidding for assets in Myanmar-chairman
By Anurag Kotoky and Prashant Mehra
NEW DELHI Nov 4 (Reuters) - Higher oil and gas prices and a lower subsidy burden helped Indian state-run explorer Oil & Natural Gas Corp post a 60 percent jump in quarterly profit and beat market expectations.
Profits were also bolstered by one-off benefits on account of lower write-offs and foreign exchange gains on a sharply weaker rupee during the quarter .
ONGC, India's second-largest listed firm, on Friday reported net profit of 86.42 billion rupees ($1.76 billion) for its fiscal second quarter ended September, compared with 53.89 billion rupees a year earlier.
A Reuters poll of 11 brokerages had on average expected net profit of 65.1 billion rupees for the quarter.
"The realisations are much better, mainly because crude prices were high, but also because the fuel price hike in June eased the subsidy burden," said Deven Choksey, managing director at Mumbai's KR Choksey Shares & Securities.
ONGC said net realisations from oil sales jumped to $83.70 per barrel from $62.75 a barrel a year earlier. Discounts to state-run refiners reduced profit by 33.2 billion rupees, the company said. This was, however, half the 68.8 billion rupees decrease in profit it suffered in the April-June quarter.
"Discounts (to retailers) are down significantly from the previous quarter, but what we need to watch out for is how the subsidy sharing mechanism is maintained," said Deepak Pareek, sector analyst at brokerage Prabhudas Lilladher.
India allows state-run refiners to set retail prices for petrol, but the government controls the prices for diesel, cooking gas and kerosene, which means local exploration firms like ONGC must share the shortfall by selling crude to those refiners at discounted rates.
Indian state-run oil companies are expected to rack up revenue losses of $26.4 billion in the fiscal year ending March 2012, India's oil minister S. Jaipal Reddy said earlier this week.
New Delhi aims to loosen control of fuel prices, but has found this difficult with global crude prices LCOc1 staying well above $100 a barrel most of this year.
India's state-run fuel retailers raised petrol prices by about 2.7 percent from Friday, their fourth increase in prices this year, but have found it difficult to raise diesel prices. .
India last raised diesel prices by 9 percent in June.
GAINS ON HIGHER CRUDE, ONE-OFF ITEMS
ONGC's second-quarter net sales rose to 226.2 billion rupees from 181.9 billion a year ago.
The company gained from higher crude oil prices compared to a year earlier, earning additional revenue of 43.92 billion rupees in the quarter, Chairman Sudhir Vasudeva told reporters.
"It(the rise in profit) is on the subsidy burden. Another thing is the variation in price. Oil prices this quarter have been very high compared to same period last year," he said.
Other income rose by a quarter to 11.3 billion rupees, while depreciation and write-offs declined by 26 percent during the July-September period, the company said.
ONGC, which has been investing heavily to maintain output from its old fields, has said it aims to raise its crude oil production by 15 percent to 28 million tonnes, or 560,000 barrels per day (bpd), by March 2014.
ONGC is keen on bidding for assets in Myanmar, Vasudeva said. Earlier this year, Mynamar had sought bids from foreign firms to develop 18 new onshore oil and gas blocks, but said the winners will be required to set up joint ventures with local companies.
India is the world's fourth-largest oil importer, importing about 80 percent of its crude needs. It is scouting for oil and gas assets abroad to meet demand in a fast-growing economy, and to feed its expanding refining capacity.
Shares in ONGC, the second-largest listed firm in India by market value, closed down 0.4 percent in a Mumbai market that rose 0.5 percent.
The stock, valued at $48.4 billion, has declined nearly 14 percent so far in 2011, matching a similar fall in the main stock index . ($1=49.2 rupees) (Editing by Aradhana Aravindan)

ENERGY

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http://www.reuters.com/article/2011/11/04/ongc-results-idUSL4E7M41EB20111104

Centre urged to regulate oil prices

STAFF REPORTER
SHARE  ·   COMMENT   ·   PRINT   ·   T+  
The hike in the price of petrol and other petroleum products has no justification at all and the Union Government should immediately intervene in the matter and withdraw the price hike at the earliest, said former MLA, Joseph M. Puthusserry.
In an open letter to the Union Minister for Petroleum, S.Jaipal Reddy on Friday, Mr. Puthusserry said it was high time the Union Government took effective measures to check fleecing of the people at the hands of the oil marketing companies.
According to him, the petrol price in India is the highest in the whole world. While in India it costs Rs. 70 a litre, it costs only Rs. 47.50 in the United States, Rs. 43.29 in Russia and Rs. 26.78 in Malaysia.
The petrol price in India was only Rs. 50.50 a litre when the crude oil price was $ 147 a barrel in the international market. Ironically, neither the oil companies nor the Government have initiated any step for consequent reduction of petroleum prices when the oil price have dropped down to $ 87 a barrel, once again highlighting the fact that the Import Parity Pricing was not at all systematic or scientific, he alleged.
Mr. Puthusserry said the Union Government should restore the Administered Pricing Mechanism and regulate the oil prices effectively, ensuring proper checks and balances and thereby avoiding any further burden on the common man. Government should roll back the price increase of petrol and petroleum products by extending subsidy, if needed.
The Union Government may also issue appropriate guidelines to the State Governments to rationalise the taxation of petroleum products in the wake of the existing disparity, he adds.
Keywords: Petrol price hike, Kerala MLA, Administered Pricing Mechanism
http://www.thehindu.com/news/states/kerala/article2598034.ece

FULL COVERAGE

IOC SAYS PETROL PRICE HIKE WAS UNAVOIDABLE

Economic Times - ‎6 hours ago‎

NEW DELHI: A day after raising petrol price by a steep Rs 1.80 a litre, Indian Oil Corp, the nation's largest fuel retailer, today said the hike was unavoidable as rupee depreciation has increased crude imports costlier. "The rupee has dipped from Rs ...

OIL FIRMS FORCED TO HIKE PRICES: PETROLEUM MINISTRY

Hindustan Times - ‎6 hours ago‎

In a late evening announcement, oil marketing companies (OMCs) increased prices of petrol by Rs1.80 a litre from Friday. "The average price of Indian basket of crude oil, which was $85.09 per barrel in 2010-11, has now increased by 30 % and the average ...

PETROL PRICE HIKE: OIL COS LIKE INDIAN OIL, HPCL SURGE NEARLY 3% ON PETROL...

Economic Times - ‎9 hours ago‎

MUMBAI: Oil companies surged by almost 3 per cent in early trade on the BSE after petrol priceswere hiked by Rs 1.82 per litre from today. The country's largest fuel retailer, Indian OilCorporation, opened on a bullish note and then rallied by 2.70 ...

PETROL PRICE HIKE: IOC DOES NOT PLAN ROLLBACK

IBNLive.com - ‎5 hours ago‎

New Delhi: A day after the latest hike of Rs 1.80 in the petrol prices, the Indian Oil Corporation on Friday justified the move saying that no entity could provide products on loss. Addressing a press conference, IOC chairman RS Butola said that though ...

WILL ROLL BACK PRICE IF GOVT DIRECTS: OIL COS

Indian Express - ‎5 hours ago‎

At a hurriedly called press conference, Indian Oil Corporation (IOC) Chairman RS Butola said the government had freed petrol prices in June last year and empowered oil companies to decide retail rates, but given the ownership structure of PSUs, ...

FIERY PETROL PRICE BURNS IOC IN PUBLIC IRE, RUNS FOR RUPEE COVER

Firstpost - ‎4 hours ago‎

New Delhi: Facing heat over its petrol price hike of Rs 1.80 a litre, public sector firm Indian Oil today said the hike was unavoidable as rupee depreciation has increased crude imports costlier. "The rupee has dipped from Rs 46.29 to a dollar at the ...

THE "POLITICS OF PETROLEUM"' PRICING; FINANCE MINISTRY PLAYS THE SPOILSPORT

The Hindu - ‎3 hours ago‎

The negative growth in the sales of passenger vehicles and high retail price of petrol, have taken its toll resulting in only 4.5 per cent growth in petrol during August 2011. The average price ofIndian basket of crude oil, which was $85.09/barrel in ...

PETROL PRICES HIKED BY RS 1.82 PER LITRE

NDTV.com - ‎14 hours ago‎

In a statement, the BSP supremo said that the hike of the petrol prices "is a cruel joke on the people of the country". The three major state-owned oil companies -Indian Oil, HPCL and Bharat Petroleum - had last hiked petrol prices by Rs 3.14 a litre ...

OIL COMPANIES CHEER PETROL PRICE HIKE ON BOURSES

NDTV.com - ‎11 hours ago‎

PTI, November 4, 2011 ( Mumbai ) Oil companies surged by almost 3 per cent in early trade on the BSE after petrol prices were hiked by Rs 1.82 per litre from Friday. The country's largest fuel retailer, Indian Oil Corporation, opened on a bullish note ...

PETROL PRICE HIKE TO HAVE SOME IMPACT ON INFLATION: PRANAB

The Hindu - ‎10 hours ago‎

But the oil prices are going up and petrol is a decontrolled item," he told reporters in New Delhi. Oil companies on Thursday raised petrol prices by Rs. 1.80 per litre, citing the impact of rupee depreciation on the cost of crude oil imports. ...

FORCED TO HIKE PETROL PRICES OIL FIRMS

SamayLive - ‎3 hours ago‎

But the oil prices are going up and petrol is a decontrolled item," Finance Minister Pranab Mukherjee told reporters. In a statement issued Friday, the petroleum ministry said that the average price of Indian basket of crude had risen 30 percent from ...

BETTER TO PASS ON COSTS THAN CUT OUTPUT: IOC ON PRICE HIKE

Moneycontrol.com - ‎4 hours ago‎

In fact, he went on to say that the company had no option but to hike prices because of the depreciating rupee. "The average price of Indian basket of crude oil has now increased by 30% and the average price in the current financial year is around USD ...

IOC RULES OUT ROLLBACK OF PETROL PRICE HIKE

Reuters India - ‎5 hours ago‎

Activists from the Communist Party of India (CPI) shout slogans and burn an effigy depictingIndia's oil minister S. Jaipal Reddy during a protest against the hike in petrol prices, in Hyderabad November 4, 2011. NEW DELHI (Reuters) - State-run Indian ...

PETROL PRICES TO SHOOT UP AGAIN

CarTradeIndia.com - ‎5 hours ago‎

It is important to note that both the aspects have a strong impact on the currency exchange rates and crude prices. As a matter of fact, the rupee has provided signs of recuperating and mix of oilthat India buys has lowered to $105/barrel from ...

PETROL PRICES GO UP BY RS 1.82 PER LITRE

IBNLive - ‎Nov 3, 2011‎

Petrol prices are slated to go up by Rs 1.82 per litre from Thursday midnight. The price has been hiked by Indian Oil and other firms are expected to follow suit. http://ibnlive.com/livetv.

PETROL PRICES INCREASED BY RS 1.80 PER LITRE

Economic Times - ‎22 hours ago‎

"We have raised petrol prices by Rs 1.50 per litre exclusive of state taxes because of reasons beyond our control. The sharp rise is due to high crude prices particularly Brent and rupee deprecation," Indian Oil Corp chairman RS Butola told ET. ...

STATE LEVIES PUSHED US TO HIKE PETROL PRICE: IOC

Moneycontrol.com - ‎Nov 3, 2011‎

Indian Oil Corporation is set to hike petrol prices by Rs 1.8 per litre, applicable from midnight today. Sources say that other oil marketing companies such as HPCL and BPCL are also likely to follow suit. While the move surprises with regard to the ...

PETROL PRICES HIKED BY RS 1.82 PER LITRE, SECOND INCREASE IN TWO MONTHS

Times of India - ‎Nov 3, 2011‎

Indian Oil, HPCL and Bharat Petroleum had last hiked petrol prices by Rs 3.14 a litre on September 16, when the rupee was valued at about Rs 48 per US dollar. The exchange rate is now over Rs 49 per dollar. State-owned oil firms Indian Oil, ...

PETROL PRICES UP BY RS 1.8 A LITRE, 4TH HIKE OF '11

mydigitalfc.com - ‎Nov 3, 2011‎

Oil marketing companies are repeatedly raising prices because of higher global crude oil priceand depreciating value of rupee. On Thursday, as per RBI reference rate, $1 was equivalent to Rs 49.3748. The India crude oil basket for the fortnight ended ...

PETROL PRICES RISE FOR TENTH TIME SINCE JUNE '10

Business Standard - ‎Nov 3, 2011‎

The last time petrol price was hiked was on September 15, when companies raised prices by a steep Rs 3.14 per litre. "We were losing around Rs 1.50 litre," said an official at Indian OilCorporation, the country's biggest oil marketer. ...

OIL MINISTRY WANTS TO INCREASE FUEL PRICES

India Today - ‎Nov 3, 2011‎

He had stated that crude oil is hovering at around $108 per barrel in the international markets. At the current exchange rate, the petrol price of Rs 66.84 per litre in Delhi is viable at a crude oil price of about $102 a barrel. Reddy saidIndian Oil ...

SHEILA DIKSHIT DEFENDS PETROL PRICE HIKE

Daily News & Analysis - ‎3 hours ago‎

"There is a price rise and there is no doubt that it is affecting all of us across the board. But I suppose it was (the hike) due to Central government's compulsions," she said when asked to comment on increase in petrol prices. Oil companies yesterday ...

PETROL PRICES HIKED BY RS1.80 PER LITRE

Moneylife Personal Finance site and magazine - ‎16 hours ago‎

The base price has been increased by Rs1.50 per litre. "The rupee has depreciated from Rs46.25 a dollar to Rs49.40, increasing our cost of imports," Indian Oil Corporation (IOC) director (finance) PK Goyal said. Sources said oil minister Jaipal Reddy ...

PAY RS 2/LT MORE FOR PETROL FROM MIDNIGHT AS IOC UPS RATES

Moneycontrol.com - ‎Nov 3, 2011‎

Days after the oil minister distanced himself from the question of another hike in petrol prices, oil marketing companies have taken action. Indian Oil Corporation has raised petrol prices by another Rs 1.80 per litre from midnight. ...

IOC RULES OUT ROLLBACK OF PETROL PRICE HIKE

Moneycontrol.com - ‎5 hours ago‎

NEW DELHI (Reuters) - State-run Indian Oil Corp (IOC), the biggest fuel retailer in the country, has no plans to rollback an increase in gasoline prices, RS Butola, its chairman, said on Friday. On Thursday, government-backed fuel retailers said they ...

OIL MINISTRY PRICE HEADACHE FOR GOVT

Calcutta Telegraph - ‎Nov 2, 2011‎

Underscoring the need to review fuel prices, Reddy said Indian Oil, Hindustan Petroleum and Bharat Petroleum stand to lose over Rs 130000 crore this financial year on selling diesel, domestic LPG and kerosene at rates below their cost. ...

PETROL-2NDLD IOC 2 LAST

IBNLive.com - ‎2 hours ago‎

Though they had the freedom to revise petrol rates in line with the cost, oil firms had on many occasions restrained themselves from raising prices keeping in mind the "overall environment". "In 2010-11, oil marketing companies lost Rs 2500 crore on ...

PETROL PRICE HIKED BY COMPANIES, NOT GOVT: PRANAB

NewsX - ‎7 hours ago‎

The Congress is finding itself isolated over the petrol price hike. Not just getting an ultimatum from its key ally. The Opposition parties are also going all out in their criticism of the oil price hike.

INDIA MINISTER: TO SEEK REVIEW OF DIESEL, COOKING FUEL PRICES

Wall Street Journal - ‎Nov 2, 2011‎

NEW DELHI -- India's oil minister said Wednesday a panel of ministers is likely to meet later in November to review diesel and cooking fuel prices. S. Jaipal Reddy said, however, that there is no proposal ...

UPDATE 1-INDIA OIL FIRMS' REVENUE LOSSES SEEN AT $26 BLN IN FY12- MIN

Reuters - ‎Nov 2, 2011‎

Prices for diesel, kerosene and liquefied natural gas are regulated by the government in India, forcing oil firms to sell at losses. The costs of these price caps have climbed as international oil prices have risen. Reddy said he has asked for the ...




"If our national income is increasing at the rate of 8 per cent per annum and population is increasing at the rate of 1.6% per annum. So, the per capita income of country is growing at 6.5% to 7%. It is bound to lead to demand for more diversified food basket," he added.

However, Singh also conceded that "inflation is a problem".
The headline inflation measured in terms of wholesale price index (WPI) has been above 9% mark since December last year and stood at 9.72% in the month of September.

Food inflation rose to 12.21% for the week ended October 22, despite the steps taken by the government and the Reserve Bank to check the price rise.

The allies of the Congress on Friday slammed the steep hike in the petrol price with a key UPA constituent Trinamool Congress talking in terms of pulling out of the government as indications emerged that a partial rollback of the increase may be on the cards.
In a bid to put pressure on the Government, the Trinamool Congress, the second largest constituent of the UPA with 18 MPs, held an emergency meeting of its Parliamentary Party its after which Chief Minister Mamata Banerjee said leaders favoured withdrawal of support but she has stayed such a move.
"Our withdrawal of support may result in fall of the government. But since the Prime Minister is away, we want to discuss with him and have sought an appointment with him," she said.

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Banerjee said Congress was dependent on the support of allies like the Trinamool Congress, NCP and DMK to run the government but the allies have been silenced and not heard in the Cabinet.
Allies like NCP and National Conference also expressed their discomfort with the petrol price hike and sought a reconsideration of the decision.
Even as allies mounted pressure, the oil marketing companies ruled out a roll back of their yesterday's decision but said they would cut the rate if government gives them a directive.
Congress sources indicated that a "partial rollback" of the hike could happen in the next few days after Prime Minister Manmohan Singh's return from G-20 summit in France.
A senior party leader, speaking on the condition of anonymity, said the allies would be consulted after Prime Minister's return.
At the AICC briefing, Congress spokesperson Abhishek Singhvi sought a "healing touch" from the government to the common man.
"Congress party is very concerned about the price rise and calls upon the government to take measures. We hope the government will look into the matter very seriously and not not only do everything in its power to diminish this increase but also to consider other ways and means of giving relief to the needy," he said.
However, he refused to go into specifics. "We are not here to fetter the jurisdiction and work of the government. Whichever means has the desired effect will be highly desirable. But we leave it to the discretion of the government to decide these steps," Singhvi said.
On his part, Finance Minister Pranab Mukherjee said the hike in petrol prices would have some impact on inflation. Oil prices were going up and petrol was a decontrolled item, he said.
"Nobody in the Government knows...because petrol prices are increased by the petroleum companies, not by the government. Diesel, kerosene and gas are controlled items," he told reporters.
Congress allies, the NCP and the NC, said the repeated hike in petrol prices burdened the common man and they would raise the issue within the Government.
"In the next Cabinet meeting there will be a debate on it," New and Renewable Energy Minister and National Conference President Farooq Abdullah told reporters.
Sharad Pawar's NCP wanted the government to devise some mechanism to keep the fuel prices in check.
"We are very much concerned. The government should devise some mechanism to check frequent hike in petrol prices," NCP General Secretary Tariq Anwar said.
Asked about Trinamool Congress' threat to pull out of government on the issue, Anwar was quick to add, "We do not have any such plans."
Abdullah and Anwar pointed out that the government had not touched the prices of diesel and cooking gas which is used by the masses.
"Rising petrol prices depend on the international market. But still, they have kept diesel prices very low, because majorly diesel is used here," Abdullah said.
"We are not angry or upset. We think we will have to work collectively to get it under control," he said.

Political pressure to roll back the latest fuel price hike is mounting, including from within the ruling UPA coalition, with the Trinamool Congress holding out a veiled threat to pull out of the coalition if the measure was not rolled back.
An emergency meeting of the Trinamool Congress parliamentary party has been called for today (Friday) in Kolkata to discuss the fuel price rise. Party general secretary Mukul Roy said: "We are unhappy over the petrol price hike."

Party MPs were rushing back to Kolkata to attend the meeting, and Indian Express quoted some of the MPs as saying that party leader

Trinamool MPs say that Didi sounds serious this time.Reuters

Mamata Banerjee sounded "serious" about pressuring the UPA to roll back the hike. Among the party rank and file, there were strong indications that Banerjee might threaten to pull out of the coalition, the report added.
Asked by PTI if there was any possibility of the party quitting the Union Ministry in protest or of withdrawing support to the UPA government in protest against the hike, Mukul Roy said: "How can I say this? I am not going to say anything more except that we are unhappy over the decision."
Political pressure to roll back the price hike is also mounting from UP chief minister Mayawati and Tamil Nadu chief minister Jayalalithaa.
Mayawati said in a statement that the latest petrol price hike, the sixth of this year, was a "cruel joke on the people" and proved that the UPA government was unconcerned with the people's welfare.
"The central government's decision to deregulate oil companies has led to anarchy resulting in inflation," Mayawati claimed, and demanded the UPA government withdraw the hike.
Similarly, Jayalalithaa said the price hike amounted to "adding insult to injury" for people who were "already suffering from srilling prices."
"The Centre is frequently hiking fuel prices, especially at a time when its wrong economic policies and mismanagement have resulted in spiralling prices of all commodities," she said.
It appeared that the Centre was "least bothered" about the impact of such frequent fuel price hikes on common people.
"The latest revision will mainly affect two-wheeler users from middle-class. Instead of taking price-control measures, the Centre is only implementing prices-escalation measures," she said in a statement in Chennai.
Jayalalithaa too demanded immediate rollback of the latest price hike.
The fuel piece hike had come into effect at midnight last night. State-owned oil companies had increased prices by Rs 1.80 per litre.
"Crude oil has been more or less steady but rupee depreciation is a cause of concern. We have been forced to increase prices because of rupee depreciation," BPCL Chairman and Managing Director R K Singh told PTI.
"The rupee has depreciated from Rs 46.25 a dollar to Rs 49.40, increasing our cost of imports," IOC Director (Finance) P K Goyal said.
PTI reported, quoting sources, that oil minister Jaipal Reddy had consulted finance minister Pranab Mukherjee before oil companies were allowed to to raise prices.
This is the second hike in petrol prices in less than two months and it came on a day when the food inflation rose to 12.21 per cent for the week ended 22 October.
Oil marketing companies had earlier hiked petrol prices by Rs 3.14 a litre on 16 September when the rupee was ruling at about 48 to the US dollar.
The government had in June last year deregulated or freed petrol from all price controls but the retail rates have not moved in line with cost as high inflation rate forced the oil companies to seek 'advice' from parent oil ministry before revising rates.
Sources said the three companies are losing Rs 333 crore per day on selling fuel below cost.
State-owned oil firms are currently losing Rs 9.27 per litre on diesel, Rs 26.94 per litre on kerosene sold through the public distribution system (PDS) and Rs 260.50 per 14.2-kg LPG cylinder supplied to households for cooking purposes.
While the loss on these three products are compensated through a combination of government cash subsidy and upstream oil firm doleouts, no such mechanism exists for making good the losses on petrol as the product is deregulated.
The three firms are virtually living on borrowed money as they had to raise funds to meet even working capital requirement in the absence of fuel selling price not meeting even operating expenses.
The oil ministry had also sought an early meeting of the high-powered ministerial panel to decide on ways to deal with the crisis. The Empowered Group of Ministers (EGoM) is a consensus-building body of the Congress-led UPA government and comprises of key allies like the DMK, the TMC and the National Conference. The allies had in September scuttled plans to limit supply of subsidised LPG cylinders to 4-6 per household a year with a view to reduce subsidies.



Addressing a press conference after the G20 Summit here, he said the market should be allowed to follow its level.
"Well that is the general direction in which we should move. I think the move to decontrol the prices is a part of that process.
"But as I said, these are very sensitive areas and I have no hesitation in saying ultimately we must allow the markets to find their own level except for those commodities which are semi public goods," Singh said.
He was replying to a question about the all-round opposition back home to yesterday's decision of oil companies to hike the petrol price by Rs1.80 per litre and TC led by Mamata Banerjee even talking in terms of withdrawing support to the UPA government.
"So, the direction of change is clear. We must move in the direction of decontrolling more prices," the Prime Minister said.
The Prime Minister's comments assume significance in the context of stiff opposition to the hike in petrol prices under the deregulated system.
The prices of diesel, LPG and kerosene are still administered by the government and are not deregulated yet.
Replying to a question on inflation, Singh said food inflation is a problem. While the food grains prices are relatively stable, the problem was with the secondary and tertiary food items like vegetables, egg and fish.
This, he said, was a reflection of demand exceeding supply and was also a sign of increasing prosperity.
Singh said while analysing food inflation the increase in the net income by 8 per cent per annum and the population increase by 1.6% should not be lost sight of.
While describing food inflation as a "problem", Singh said it was bound to happen as per capita income in the country was growing at 6.5 to 7%.
To a question, the Prime Minister said money supply does not grow on trees.
He said that the fiscal deficit of 4.6% as projected in the budget has to be taken seriously.
"We have to contain it at that," he said, adding that there may be areas of slippages but government has to get fiscal system in balance.
He said there were three to four methods of doing so, which included cutting down of expenditure and subsidies and resort to disinvestment.
"But having said that what we should do at any particular moment of time is a subject matter of political feasibility. Therefore, timing has to be carefully worked out," he said.


With ruling UPA allies severely criticising the decision to hike petrol price by a steep Rs 1.80 a litre, petroleum minister S Jaipal Reddy on Friday defended the move saying it was necessitated by the fall in rupee, but said he was not consulted by the state-owned companies.
Government today came under all-round attack over the petrol price hike, with key UPA constituent Trinamool Congress threatening even withdrawal of support but Prime Minister Manmohan Singh remained unfazed.
In an unusual development, the Kerala High Court stepped into the scene, saying it was concerned over the price rise and directed Indian Oil and Reliance Petroleum to produce their balance sheets and quarterly reports.
Pressure mounted on the government to roll back the hike as Trinamool chief Mamata Banerjee attacked the decision to raise the petrol price by Rs 1.80 as unilateral without consultations with allies like her party, DMK and NCP.
Banerjee, whose party is the second largest constituent of the UPA along with DMK with 18 MPs, held an emergency meeting of its Parliamentary Party its after she said leaders favoured withdrawal of support but she has stayed such a move.
"Our withdrawal of support may result in fall of the government. But since the Prime Minister is away, we want to discuss with him and have sought an appointment with him," she said.
Banerjee reminded the Congress that it was dependent on the support of allies like her party, NCP and DMK to run the government but the allies have been "silenced" and not not heard in the Cabinet.
DMK also demanded a roll back of the decision, saying it had added enormously to the burden of the poor, lower and middle classes.
NCP and National Conference were also unhappy with the petrol price hike and sought a reconsideration of the decision.
Congress joined others in expressing concern over the hike and sources in the party indicated that a partial rollback could be considered.
However, the Prime Minister did not appear to give any such indication when he virtually justified the hike. He also appeared unfazed about the withdrawal threat by Trinamool.
"Well that is the general direction in which we should move. I think the move to decontrol the prices is a part of that process.
"But as I said, these are very sensitive areas and I have no hesitation in saying ultimately we must allow the markets to find their own level except for those commodities which are semi public goods," Singh told journalists in Cannes where he attended the G-20 Summit.
"So, the direction of change is quite clear. We must move in the direction of decontrolling more and more prices," he said when asked about the uproar back home over the petrol price hike and Trinamool's threat.

With ruling UPA allies severely criticising the decision to hike petrol price by a steep Rs 1.80 a litre, petroleum minister S Jaipal Reddy on Friday defended the move saying it was necessitated by the fall in rupee, but said he was not consulted by the state-owned companies.

"There is no question of my government being consulted" before the second steep hike in as many months was announced yesterday, he said in an interview to a private TV channel. "Oil companies are refusing to consult me... how do I consult anybody (before the hike is announced)," he said responding to a question on allies likeTrinamool Congress (TMC) complaining that they are being taken into confidence before the decision.

Reddy said he would talk to West Bengal Chief Minister and TMC leader Mamata Banerjee on her unhappiness over the petrol price increase. "She is a very valued colleague of mine in politics. She is one of the most respected leaders of UPA. I will talk to her," he said refusing to comment on her threat to walk out of the coalition over the price hike issue.

The minister said he "understands" and "appreciates" the anger of people against the fifth price hike this year. Oil companies had raised rates as crude imports became costlier because the rupee's value had fallen from Rs 46.29 to a US dollar to Rs 49.40, he added. Re one depreciation "means loss of Rs 8,000 crore to state oil companies. For the full year, we are facing prospect of Rs 24,000 crore loss merely on account of depreciation," he said.

He said the oil companies had merely "exercised their right to get full price of the production" by raising petrol price.

Just see!After the launch of third- generation (3G) telecom services, India may see more advanced 4G services in the second half of next year, telecom minister Kapil Sibal said on Friday.

"We have large capacities in spectrum to move forward in 4G which is hopefully going to be launched towards end of next year. Later half of 2012...we should be ready to launch 4G," Sibal said at an event.

The peak data transfer speed (Internet) in 4G technology is up to 100 Megabit per second on a device moving at high speed of around 100 km (high mobility) per hour and 1 Gigabit per second for low mobility.

This theoretically means a person can download at least an hour length normal video within a minute while moving at a speed close to 100 km per hour.

The minister, however, expressed concern on the content being provided by telecom players serves only elites of the country and cited example of 3G services which does not address issues of ordinary people.

"We welcome the fact 3G is getting launched but 3G today is being used for 2G. The market is not deep enough to make sure that ordinary people can access 3G at affordable price,"

The minister said that industry should look at providing content that an ordinary man requires to in his daily life.

"I want when a student actually wants education, he should get access to Internet and institution he wants access to. That data should be available to him at the time of access," Sibal said.

The minister said that mobile phone should be seen as instrument of empowerment and all public services should be part of the network whether it be health, rural development, education and others.

"You can bring in device but you don't have the content . there is no point of having that device. One of the biggest problem you are facing in the country is that data is just not available," Sibal said.

He said that all stakeholders must come on board to develop content beyond entertainment.

"It (content) must provide access to services that is required by ordinary people living ordinary lives," Sibal said.

Meanwhile,Flaying the frequent hike in petrol prices, the Kerala high court on Friday said Central and state governments cannot "wash their hands" off and directed the Indian Oil Corporation and Reliance Petroleum to produce their balance sheets and quarterly reports before it in three weeks.

Within the last one year, there had been a 40 per cent hike in petroleum prices, causing immense hardhship to the common man, a division bench, comprising acting Chief Justice C N Ramachandran Nair and Justice P S Gopinathan, said in oral observations.

When a PIL by former MP P C Thomas against the frequent petrol price hikes came up, it said "political parties are making protests. There is no consumer resistance. They are getting adjusted to frequent hikes. We are concerned about the price hike."

The court said the hike mainly affects two-wheeler riders and small car owners and not the rich as they owned premium diesel cars.

When the state government counsel said the PIL was politically motivated, the court said politics involves public interest also and admitted it.

The bench also directed the central and state governments to file their counter affidavits in three weeks, besides asking state-owned IOC and Reliance Petroleum to produce their balance sheets and quarterly reports.

The court, however, said granting authority for fixing prices of petroleum products is a policy matter of the central government and it cannot interfere in the present hike.

Earlier, Thomas had filed a PIL challenging frequent hikes and the grant of authority to oil companies to fix the prices.

The oil companies had again decided to increase the price of petrol, the petitioner noted and sought that the hike be stayed, which was not allowed by the court.

Since the price hike is a national issue, the court cannot stay the present hike, it said.

Prime Minister Manmohan Singh on Friday said every effort will be made to bring back black money stashed away abroad and expressed satisfaction the G20 leaders endorsed the process involved.

"I am no astrologer. We have to operate in a world where things are not entirely to our own liking. We are dealing with sovereign countries," the prime minister told a press conference here when asked how long it will take to bring black money back.

The prime minister said these sovereign countries will cooperate only to the extent their laws permit them to do so, which are being addressed through new agreements and pacts on exchange of information.

"It is a work in progress. I don't know what is the magnitude of black money abroad," he said, soon after conclusion of the G20 Summit in this town in French Riviera.

At the G20 Summit the leaders endorsed in a joint communique their commitment to ensuring that the deficiencies in some jurisdictions, often referred to as tax havens, that lead to imprudent tax policy standards, are addressed.

"I am particularly happy to note that the communique endorses our call for increased banking transparency and exchange of information to combat tax fraud and evasion and other illicit flows," the prime minister said.

"This was an important part of our agenda."

The government has been under pressure to act against people who have money stashed away in tax havens across the world. It had set up several bodies, including a directorate under Central Board of Direct Taxes, to unravel these secret bank accounts.

India has made a commitment to G20 that it will remain an active member of the global battle against black money and will soon sign the Convention on Mutual Administrative Assistance in Tax Matters to curb this menace through sharing of information.

The treaty aims at automatic exchange of information among signatory countries so that tax evasion and illicit flows can be detected early. China and Saudi Arabia also said they will join the treaty soon.

Ten countries such as Argentina, Brazil, Germany and Russia, signed the pact Thursday, while six others, including Britain and the US, had joined the convention earlier.

India on Friday said that Eurozone crisis is a potentially grave threat to stability ofglobal economy, but made it clear that management of the crisis is primarily responsibility of the European countries.

"The crisis in the Eurozone is a potentially grave threat to the stability. There was obviously too little time in the Summit to resolve all the issues,"Prime Minister Manmohan Singh said in his press conference at the end of the G-20 Summit here.

He said India has a "vested interest" in smooth functioning of the Eurozone, which must have a centralised institution that can act as a "lender of last resort" in times of crisis.

Singh suggested an institutional mechanism which can act as a "lender of last resort".

The Prime Minister said that the European Central Bank at present is not allowed to lend directly. The Heads of 20 most influential economies deliberated for two days in the midst of worsening European crisis triggered by the increasing threat of default by sovereign members of the Eurozone like Greece. "...Global economy has weakened particularly in advanced economies leaving unemployment at unacceptable levels... Tensions in the financial markets have increased due mostly to sovereign risks in Europe; there are also clear signs of slowing in growth in emerging markets," the Communique issued after the Summit said.

Oil shock for UPA

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PTIWest Bengal Chief Minister Mamata Banerjee along with her party MPs after a meeting on the recent petrol price hike in Kolkata on Friday. Railways Minister Dinesh Trivedi (3rd L) is also seen.

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Mamata holds out a threat; Congress shares allies' concern

Even as the Mamata Banerjee-led Trinamool Congress (TMC), the second largest party in the United Progressive Alliance (UPA), threatened to withdraw support at the Centre if the Union government did not reverse the hike in petrol prices, the Congress stepped into the breach to make soothing noises: on Friday, Congress spokesperson Abhishek Singhvi, expressing his party's concern at the hike, said the allies' protests "would be heard with understanding, seriousness and compassion," as he saw them as a sign of "sensitivity," not "divisiveness."

The Congress' response came soon after the Trinamool's threat and a demand by the Nationalist Congress Party (NCP) and the National Conference (NC) to review of the hike.

In Kolkata, Ms. Banerjee told journalists that since the Trinamool's "withdrawal of support may result in the fall of the government," she would await the Prime Minister's return to "discuss [the matter] with him."

While NC leader and New and Renewable Energy Minister Farooq Abdullah told journalists that he would raise the matter at the next Cabinet meeting, NCP general secretary Tariq Anwar asked the government to "devise some mechanism to check frequent hike in petrol prices."

The two leaders, however, quick to point out that the government did not touch the prices of diesel and cooking gas, items of mass consumption.

Sources in the Congress too agreed that there could be some review of the decision after Prime Minister Manmohan Singh returns from the G20 summit in Cannes, even saying some way other than reverting to the administrative price mechanism could be found to help ease the burden on people.

But sources in the government ruled out any rollback in the hike.

Sources in the Petroleum Ministry told The Hindu that since petroleum pricing had been deregulated, the government had no role in the matter. "If the States want, they can reduce the taxes on petrol to provide relief to the consumer; the Central government can do nothing," the sources said.It was also underscored that petrol was not an item of mass consumption like diesel, kerosene and LPG — it was largely used by the middle class people.

Indeed, on Friday, Union Finance Minister Pranab Mukherjee, while admitting that the petrol price hike would have "some adverse impact on inflation," now hovering close to the double-digit mark, stressed that "petrol is a decontrolled item."


Asked why the UPA's allies were not kept in the loop about the price hike, he said, "Nobody in the government knows... because petrol prices are increased by the petroleum companies, not by the government. [Only] diesel, kerosene and gas are controlled items."

A ministerial source told The Hindu that Ms. Banerjee was a member of the Empowered Group of Ministers (EGoM) that decided to de-regulate the pricing mechanism for petrol in June 2010: "This is just posturing by Mamataji," the source said.

Keywords: Congress-Trinamool ties, Fuel price hike, UPA-II, Manmohan Singh government, coalition politics, Mamata Banerjee, inflation

http://www.thehindu.com/news/national/article2598043.ece?homepage=true


India's financial sector priorities to remain unchanged: Manmohan

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APPrime Minister Manmohan Singh arrives for the working session at the G20 summit in Cannes. Photo: AP
The Prime Minister said the Indian government was taking steps to ensure a return to high growth. He added that India hoped to go back to higher growth in 2012-13, together with a moderation in inflation
Against the backdrop of the battle against the sovereign debt crisis in the Eurozone, Prime Minister Manmohan Singh has said there will be no change in India's financial sector priorities to sustain high rates of economic growth.
"Financial inclusion, provision of long-term funding instruments for infrastructure, the development of liquid bond markets to improve monetary policy transmission, among others, were financial sector priorities in India before the crisis," Dr. Singh said in his intervention at the Summit of world's leading 20 economies yesterday.
"Nothing has happened in Indian financial markets or globally that warrants changing these priorities. We need to be sure that the regulatory reforms being introduced globally will not hamper this process," he added.
India's concerns were different, Dr. Singh said, adding, "the banking capital needs to be strengthened in India, this is not on account of higher risks but because credit is projected to expand at a very fast pace to feed the high real growth that we expect".
Pointing out that tax payers and equity holders in case of the Indian PSU banking sector are the same, he said, "In this environment it is difficult to see why a financial sector tax, which would only raise the cost of capital even further, would be appropriate."
As regards the Indian economy, Dr. Singh said, "our economy has slowed down in the current year and GDP growth is likely to be between 7.6 and 8 per cent...We in India are taking steps to ensure a return to high growth. We hope to go back to higher growth in 2012-13, together with a moderation in inflation", he added. "Our medium term strategy focuses on a revival of investment especially in infrastructure, and continuing efforts to reduce our fiscal deficit through improved revenue collection which is expected to come from tax reforms," Dr. Singh said.
The Prime Minister also warned that "prolonged" uncertainty and instability in Europe will hurt other countries too and suggested that the IMF could help rescue the situation.
Observing that everyone has a stake in the orderly functioning and prosperity of Europe, including the Eurozone countries, Dr. Singh said, "prolonged uncertainty and instability in the Eurozone countries can hurt us all. In an increasingly integrated world, all of us have a stake in the orderly functioning and prosperity of Europe."
Keywords: Cannes Summit, G20 Summit, Manmohan Singh, Greek debt crisis, eurozone, financial instability

http://www.thehindu.com/business/article2598001.ece


Petrol price hike to have some impact on inflation: Pranab

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APA vegetable vendor at a roadside stall in Kolkata. File photo
Finance Minister Pranab Mukherjee on Friday said the recent hike in petrol prices will have some impact on inflation, which is currently hovering close to the double-digit mark.
"Of course it will have some adverse impact on inflation. But the oil prices are going up and petrol is a decontrolled item," he told reporters in New Delhi.
Oil companies on Thursday raised petrol prices by Rs. 1.80 per litre, citing the impact of rupee depreciation on the cost of crude oil imports. Following the increase, petrol in Delhi will cost Rs. 68.64 a litre.
On why the government's allies were not kept in the loop about the price hike, Mr. Mukherjee said, "Nobody in the government knows... because petrol prices are increased by the petroleum companies, not by the government. Diesel, kerosene and gas are controlled items."
UPA partner Trinamool Congress has expressed unhappiness over the petrol price hike.
While the CPI(M) has demanded the immediate roll-back of the petrol price hike, the main Opposition party, the BJP, has termed it as "midnight deceit".
The petrol price hike comes at a time when inflation is touching double digits and the move could have a cascading effect on prices.
Inflation in September stood at 9.72 per cent, much above the Reserve Bank's comfort level of 5-6 per cent.
Petrol prices were freed from government control in June last year.
Keywords: inflationary measure, petrol price hike, Union Finance Minister Pranab Mukherjee

Chavan asks Centre to grant green nod to Lavasa

PTI | Nov 4, 2011, 10.54PM IST

Terming Lavasa project as important to Maharashtra, chief ministerPrithviraj Chavan on Friday asked the Centre to give the green nod to the first phase of the proposed Hill City.

"I have requested to the Union environment minister Jayanthi Natarajan to grant environment clearance to Lavasa Phase-I if all the pre-conditions set by the ministry have been fulfilled," he told reporters here.

Chavan's request comes on a day when the Maharashtra government filed a criminal case against Lavasa Corporation, the promoters of Lavasa Hill City in the district for alleged violations of the Environment Protection Act (EPA), fulfilling the fifth and final pre-condition of the Environment Ministry for granting clearance to the first phase of the hill city.

One of the pre-conditions was taking credible action against Lavasa for alleged violation of the Environment Protection Act in the hill city project.

The action by the state government was initiated following directions from the Bombay high court.

Chavan said the hill city project was important as it involved huge investments in the state.

"People have not taken environment laws seriously which has led to cases like Adarsh and Lavasa.... Nobody is bigger than the law," he said.

Chavan also had meetings with Agriculture Minister Sharad Pawar and Finance Minister Pranab Mukherjee during which various issues related to the state came up for discussion.

He dismissed suggestions that the state government had softened its stand on the project.

"There is no change of approach. What are you talking about," Chavan told a questioner.
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TIMELINE OF ARTICLES

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Is the government losing war on inflation?

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*

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*

Mamata threatens to pull out from UPA over fuel hike

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*

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*
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04 November 2011 Last updated at 23:52 GMT

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Global Petrol Prices

*

Oct 24, 2011

When we did this study we had no idea so many people would be accessing this page and would be looking for this kind of information. We have been unable to update this page because it is extremely difficult to gather this information on an ongoing basis. Certainly there is no other website which gives such a table.


We request to all esteemed Visitors to kindly send us an e-mail atsupport@kshitij.com giving us the following pieces of information:

(i) Your name

(ii) Your City and Country and

(iii) the Price you are paying right now for your petrol/ gas.

We shall incorporate this information on an ongoing basis on this page so that it may serve a useful purpose for all concerned. Thank you for you time and consideration. May Oil prices come down for the good of all of us.


We are grateful to our Contributors for volunteering their information so that this page may serve the global community. If you find any errors in the table, please let us know and we will try to rectify it as soon as possible.

*
     2011
2010   2009
2008   2007

Petrol Prices across the World

Country

$ per Gal. 2008

`/ ltr

$ per Gal. 2009

`/ ltr

$ per Gal. 2010

`/ ltr

$ per Gal. 2011

`/ ltr

% Deviation from India, 2011

Doha, Qatar

--

--

--

--

--

--

0.83

8.25

-89%

Saudi Arabia

0.61

5.71

--

--

--

--

0.85

8.53

-89%

Kuwait

--

--

--

--

--

--

0.92

9.45

-87%

Kabul, Afghanistan

--

--

--

--

--

--

1.19

12.37

-83%

Nigeria

--

--

--

--

--

--

1.60

16.63

-78%

UAE

1.70

15.95

1.81

18.61

--

--

1.82

18.14

-76%

Malaysia

2.31

25.49

--

--

2.04

20.99

2.42

24.11

-68%

Iran

--

--

--

--

2.48

25.49

2.58

25.53

-66%

Hongkong

--

--

--

--

--

--

3.00

29.86

-60%

Dhaka, Bangladesh

--

--

--

--

--

--

3.35

36.12

-52%

Pakistan

3.23

30.54

--

--

3.03

31.43

3.73

38.78

-48%

China

--

--

--

--

--

--

3.77

37.31

-50%

Vietnam

--

--

--

--

3.14

31.89

3.90

38.42

-49%

USA

1.69

17.57

2.40

25.59

2.55

26.25

3.99

39.64

-47%

SriLanka

5.73

54.12

--

--

4.00

40.60

4.35

44.51

-41%

Nairobi, Kenya

--

--

--

--

--

--

4.54

45.55

-39%

Canada

2.62

26.59

--

--

3.69

35.99

5.20

56.07

-25%

South Korea

3.69

39.25

--

--

--

--

5.49

54.35

-27%

South Africa

4.58

44.08

5.00

52.58

--

--

5.68

55.24

-26%

India

4.88

50.65

4.59

48.24

4.92

52.53

7.20

74.84

--

Bulgaria

--

--

5.34

54.79

--

--

5.71

57.29

-23%

New Zealand

3.03

32.28

3.04

34.16

5.87

58.91

5.77

57.36

-23%

Australia

2.54

27.06

--

--

4.32

43.84

6.20

62.46

-17%

Poland

8.15

77.35

--

--

5.38

54.97

6.27

62.48

-17%

Spain

4.73

50.07

6.02

63.14

--

--

6.48

64.58

-14%

Cayman Islands

--

--

--

--

--

--

6.58

64.25

-14%

Switzerland

7.56

66.44

--

--

4.58

46.72

6.58

65.57

-12%

Thailand

--

--

--

--

3.52

36.44

6.66

67.52

-10%

Czech Republic

4.46

39.21

--

--

5.87

59.98

7.10

70.76

-5%

Japan

4.50

39.65

5.19

53.62

--

--

7.23

70.75

-5%

France

--

--

6.89

70.69

--

--

7.51

74.84

0%

Italy

9.19

86.27

--

--

7.19

71.53

7.56

75.34

1%

Sweden

8.13

76.29

--

--

6.40

65.39

7.61

75.84

1%

Singapore

6.96

65.75

--

--

4.92

49.97

7.61

75.07

0%

Finland

8.00

77.74

6.81

69.87

--

--

7.76

77.33

3%

Denmark

9.27

86.46

--

--

7.00

71.52

7.82

77.93

4%

Hungary

8.04

78.44

5%

Germany

8.19

79.61

--

--

6.51

67.07

8.21

83.37

11%

UK

8.81

83.03

4.85

51.45

7.38

72.78

8.54

85.02

14%

Norway

--

--

--

--

--

--

9.00

90.30

21%

Netherland

8.85

85.96

--

--

--

9.12

92.61

24%

Fiji

--

--

--

--

--

--

9.62

94.09

26%

Turkey

--

--

--

--

9.58

95.03

10.19

101.06

35%

Brazil

--

--

--

--

5.79

57.61

Bahrain

1.02

9.57

--

--

--

--

Lebanon

3.90

36.82

--

--

--

--

Kathmandu, Nepal

4.85

42.20

--

--

--

--

Egypt

--

--

1.35

14.20

--

--

Zimbabwe

--

--

4.54

46.38

--

--


Petrol Prices in India

City

2008

Price (`)

2009

Price (`)

2010

Price (`)

2011

Price (`)

Agra

--

--

--

--

--

--

18-Sep-11

70.53

Ahmedabad

30-Sep-11

71..2

--

--

--

--

--

--

22-May-11

67.52

--

--

--

--

--

--

12-Feb-11

62.24

--

--

--

--

--

--

25-Jan-11

52.28

Ajmer, Rajasthan

--

--

--

--

--