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English Release 30-September 2014
Date Month Year
  • President's Secretariat
  • President congratulates medal winners in Asian Games 2014
  • Prime Minister's Office
  • Text of Joint Editorial by Prime Minister Shri Narendra Modi and US President Mr. Barack Obama, published on the website of Washington Post
  • PM to share his thoughts with the countrymen through Radio
  • Text of Prime Minister Shri Narendra Modi's interaction session at the Council on Foreign Relations in New York
  • Vision Statement for the U.S.-India Strategic Partnership
  • PM’s address and interaction at Council on Foreign Relations in New York City
  • Min of Agriculture
  • Inclusion of State of Bihar under Foot and Mouth Disease Control Programme (FMD-CP)
  • Min of Commerce & Industry
  • Index of Eight Core Industries (Base: 2004-05=100), August, 2014
  • Min of Defence
  • Chief of the Army Staff Takes Over as the Honorary Colonel of Rashtriya Rifles
  • India US Combined Military Training Exercise
  • Ministry of Finance
  • Change in Tariff Value of Crude Palm Oil, RBD Palm Oil, Others – Palm Oil, Crude Palmolein, RBD Palmolein, Others – Palmolein, Crude Soyabean Oil, Brass Scrap (All Grades), Poppy Seeds, Areca Nuts, Gold and Silver Notified
  • Task Forces as Recommended by FSLRC Constituted for Laying the Road Map for Setting-up of Resolution Corporation (RC), Financial Data Management Centre (FDMC), Financial Sector Appellate Tribunal (FSAT) and Public Debt Management Agency (PDMA)
  • Centralized Processing Center (CPC), Bengluru Becomes ISO-27001:2005 Compliant
  • Min of Heavy Ind. & Public Enterprises
  • Shri Kapil Dev Tripathi take Charge of Secretary Department of Public Enterprises
  • Min of Home Affairs
  • Union Home Minister receives contribution to PMNRF from National Police Academy
  • Min of New and Renewable Energy
  • First Renewable Energy Global Investment Promotion Meet & Expo to be held in February 2015
  • Min of Petroleum & Natural Gas
  • Global crude oil price of Indian Basket was US$ 95.26 per bbl on 29.09.2014
  • Min of Science & Technology
  • Dr. Jitendra Singh lays foundation stone for new block of CSIR-Institute of Microbiol Technology at Chandigarh
  • Min of Shipping
  • Concept to be Finalised Soon for Impementation of the Sagar Mala Project
  • Min of Skill Development, Entrepreneurship, Youth Affairs and Sports
  • India won 2 Gold, 2 Silver and 3 Bronze Medals on Day 11 of Asian Games 2014
  • Min of Urban Development
  • Swachh Bharat Mission Logo and Tagline contest winners to be felicitated by Prime Minister
  • Ministry of Water Resources
  • Uma Bharti to Administer Swachh Bharat Shapath
  • Min of Women and Child Development
  • Smt. Maneka Sanjay Gandhi launches the New Guaranteed Minimum Pension Scheme in Dehradun

Previous Date

 
Ministry of Petroleum & Natural Gas25-June, 2010 18:51 IST
Petrol Prices Deregulated
Marginal Increase in HSD, PDS Kerosene and Domestic LPG Prices
Government to bear a large part of Under Recoveries
PRESS NOTE

To arrive at a viable and sustainable system of pricing of petroleum products, Government had set up an Expert Group under the chairmanship of Dr. Kirit Parikh. In the light of Government’s budgetary constraints and the growing imperative for fiscal consolidation, and the need for allocating more funds to social sector schemes for the common man, the Government has decided that the pricing of Petrol and Diesel both at the refinery gate and the retail level will be market-determined. However, in respect of Diesel, the initial increase in retail selling price of Diesel will be Rs.2 per litre at Delhi, with corresponding increases in other parts of the country. Further increases will be made by the Public Sector Oil Marketing Companies (OMCs) in consultation with the Ministry of Petroleum & Natural Gas. It has also been decided that in case of a high rise and volatility in international oil prices, Government will suitably intervene in the pricing of Petrol and Diesel.

2. Market determined pricing of Petrol and Diesel is expected to do away with the OMCs’ under-recoveries on these two products, which are projected to be approximately Rs.22,000 crore during the remaining part of 2010-11. This will not only improve their financial health, it will also enable Government to allocate greater resources for social sector schemes. Market determined pricing is expected to attract higher investments in the fuel retail sector, and by spurring market competition, encourage OMCs to reduce costs, improve efficiency and service standards. Market determined pricing will also incentivise fuel conservation and encourage the consumer to adopt fuel efficiency practices.

3. In view of the importance of the household fuels, namely PDS Kerosene and Domestic LPG, the Government has decided that the subsidies on these products will continue. The PDS Kerosene and Domestic LPG Subsidy Scheme, 2002 and the Freight Subsidy (For Far-flung Areas) Scheme, 2002 have been extended till 31.03.2014.

4. The current prices of PDS Kerosene and Domestic LPG are the lowest among the neighbouring countries. The consumer price of Kerosene is Rs.35.97/litre in Pakistan, Rs.29.43/litre in Bangladesh, Rs.21.02/litre in Sri Lanka and Rs.39.24/litre in Nepal. Similarly, the consumer price of LPG is Rs.577.18/ cylinder in Pakistan, Rs.537.37/ cylinder in Bangladesh, Rs.822.65/ cylinder in Sri Lanka and Rs.782.84/ cylinder in Nepal.

5. At current international oil prices, the OMCs are incurring an under-recovery of Rs.17.92 per litre on PDS Kerosene and Rs.261.90 per cylinder on Domestic LPG. To reduce this under-recovery burden of the OMCs as also to protect the common man, the Government has decided to increase the retail price of PDS Kerosene by only Rs.3 per litre and of Domestic LPG by only Rs. 35 per cylinder (at Delhi), with corresponding increases in other parts of the country.

6. Even after the above measures, the Government and the Public Sector oil companies are expected to bear an estimated under-recovery burden of about Rs.53,000 crore on the four sensitive petroleum products during 2010-11.

7. The Government is committed to making available the essential fuels, particularly the cooking fuels to the common man at affordable prices. The above decisions will not only continue to protect the vulnerable sections of society but also improve the financial health of the public sector OMCs, which need resources to invest in new refineries, marketing terminals, storage depots, pipelines, port facilities and other infrastructure for ensuring the country’s long-term energy security.

RCJ/ls
(Release ID :62834)

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