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English Release 1-August 2014
Date Month Year
  • President's Secretariat
  • The President inaugurates New Building of Ghani Khan Chowdhury Institute of Engineering and Technology at Narayanpur
  • President congratulates medal winners in Commonwealth Games
  • Prime Minister's Office
  • PM encourages self-certification in place of affidavits and attestations to benefit the common man
  • U.S. Secretary of State John Kerry and U.S. Secretary of Commerce Penny Pritzker call on PM
  • Former cricketer Anil Kumble calls on PM
  • Min of Agriculture
  • Kharif Sowing Area Crosses 706 Lakh Hectare
  • Steps to Make Farming More Profitable
  • Setting up of National Fisheries Development Board
  • Encouraging Farmers to Use Improved Technology for Cultivation of Cotton
  • Min of Chemicals and Fertilizers
  • Essential Medicines Prices
  • Min of Commerce & Industry
  • Capital Investment Subsidy under NEIIPP
  • Sick/Closed Industrial Units
  • National Design Policy
  • Export Market for Grapes
  • Ban on Import of Products By EU
  • Export/Import of Gems/Jewellery
  • Tea Export
  • Export Target
  • Setting up of Special Board of Spices
  • Min of Consumer Affairs, Food & Public Distribution
  • About 81.35 Crore People to Get Subsidised Foodgrains Under National Food Security Act
  • Food Subsidy Estimated to be Around Rs. 1,31,086 Crore
  • The Steps to Expedite Payment of Pending Dues to Sugarcane Farmers
  • Transportation of PDS Foodgrains Through Sea Route to Ensure Timely Availability
  • Min of Corporate Affairs
  • Unclaimed Investment Fund with Companies
  • Lacunae in Company Laws
  • Min of Defence
  • Defence Offset Policy
  • Naval Warships and Submarines
  • Tailing of Patrols in Border Areas
  • Encroachment of Defence Land
  • Election for Cantonment Boards
  • Amount Due to IAF
  • Maritime Exercise
  • IAF Jaguar Aircraft Crashes
  • Procurement of Fighter Aircraft
  • Arrest of Somalian Pirates
  • Infrastructural Developments in Border Areas
  • Projects of HAL
  • Naval Exercises
  • Procurement of Helicopters
  • Astra and Akash Missiles
  • Defence Production Units
  • Bird-Hits to Military Aircraft
  • Sale of Tobacco Products in Defence Canteens
  • One Rank One Pension
  • Married Accommodation Project
  • Min of Earth Science
  • India Deploys its First Sub-Surface Ocean Moored Observatory in the Arctic
  • Min of Environment and Forests
  • ‘Clean energy path’ is the mantra for Government - Prakash Javadekar
  • Ministry of Finance
  • Transparency in Lending Loans Under Floating Rate Scheme
  • Corporate Employers Encourage to Join National Pension System for Corporates for Providing Pension Benefits to their Employees
  • Utilisation of Accumulated Pension Wealth on exit from the National Pension System for Corporates
  • Sampoorn Vittiya Samaveshan Mission to be Launched Soon to Provide all Households with Banking Services
  • RBI Issues Guidelines for Opening of Bank Accounts of Children
  • Manufacturing of Debit Cards, Credit Cards and other Cards in India
  • Printing of Currency Notes with Braille Signs to Assist Visibly Challenged Persons
  • Compensation by Insurance Companies
  • SBI Launches Six of Digital Branches
  • BRICS Development Bank to be set up to Support Infrastructure and Sustainable Development Projects among others
  • Sanctioned and Acutal Strength of Employees in Central Government; 30,84,530 Civilian Employees in Position
  • Small Saving Schemes for the benefit of all including Weaker Sections of Society
  • No Foreclosure Charges by NBFCS on all Floating Term Loans to Individual Borrowers
  • Infrastructure Trust Funds to be set up to Spur Investments
  • Min of Food Processing Industries
  • Mega Food Parks
  • Setting up of Food Processing Units
  • Increasing Capacity of Cold Chain Infrastructure
  • Min of Health and Family Welfare
  • Recognition of Ayush Colleges
  • Multimedia Campagins for Awareness and Prevention Regarding HIV/Aids
  • Findings from NFHS-I, II and III

  • 872 National Nutritional Rehabilitation Centres Functional in the Country
  • Global Instrument for Health Research
  • Ill Effects from Use of Oxytocin Injection
  • Setting Up of Satellite Units of AIIMS

  • Autism and Related Disorders
  • Medical Colleges Can Now be Set up in Two Pieces of Land
  • Use of Antibiotics
  • ICMR: No Conclusive Data on Effects of Mobile Phone/Tower on Health
  • Enforcement of Anti-Tobacco Laws
  • FSSAI Regulations on Packaging and Labelling
  • Pharmacy Colleges in the Country
  • Financial Assistance to Poor
  • Control of Fluorosis
  • Polio Vaccination for Resident Nationals Travelling to India
  • Cancer Care Facilities
  • Min of Home Affairs
  • Text of Home Minister’s Statement on Disaster in Pune
  • Min of Labour & Employment
  • We must judiciously tap into our natural resources and not mindlessly exploit them - Shri Narendra Singh Tomar
  • Min of Minority Affairs
  • Schemes for Upliftment of Minorities
  • Min of Personnel, Public Grievances & Pensions
  • ACC Appointment
  • Min of Petroleum & Natural Gas
  • Diesel Under-Recovery decreased to Rs 1.33/litre for the fortnight commencing 01.08.2014
  • Ministry of Railways
  • PPP Projects under Railways Running on Profit
  • Railways will Run Six More Trains Connecting Shri Mata Vaishno Devi Katra
  • Railways Take Steps to Promote Religious & Historic Tourism in the Country
  • Railways to Develop 10 Major Railway Stations to International Standards
  • Railways to Provide 400 More Escalators at 172 Stations
  • Min of Statistics & Programme Implementation
  • Survey Regarding Employment in Various Sectors
  • Facilitation Centres under MPLAD Scheme
  • Handpumps under MPLAD Scheme
  • Per Capita Expenditure
  • Min of Textiles
  • Closure of Textile Industries
  • Scheme for Integrated Textile Parks
  • Incentive to Jute Industry
  • Target for Export of Readymade Garments
  • Ministry of Water Resources
  • Storage Status of 85 Important Reservoirs of the Country as on July 31, 2014
  • Min of Women and Child Development
  • Draft Juvenile Justice (Care and Protection of Children) Bill, 2014 circulated for inter-ministerial consultation
  • Min of Youth Affairs & Sports
  • Minister of Youth Affairs & Sports, Sarbananda Sonowal congratulates Indian medal winners on the 8th day in Commonwealth Games 2014
  • Planning Commission
  • Aadhar Grievances

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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