Faced with under-recoveries of Rs.26 billion in just two months into the current fiscal, state-owned refining and marketing major Indian Oil Corp (IndianOil) Monday urged a revision in fuel prices.
"So far in this fiscal, our under-recoveries on petrol and diesel sale were Rs.12 billion and on kerosene and LPG Rs.14 billion," IndianOil chairman and managing director Sarthak Behuria told reporters here.
"We are pressing hard for some kind of a price hike," he said.
Taking into account the global volatility, with the Indian basket of crude currently around $46 per barrel and the upgradation costs to supply Bharat Stage III quality fuel in the country, Behuria said: "Petrol price needs to be raised by Rs.4.84 per liter and diesel by Rs.4.52."
In the case of domestic fuels, he said currently kerosene is being sold at Rs.11.92 a litre below cost while LPG is under-priced by Rs.106 a cylinder.
During 2004-05 fiscal, the state-owned companies together had borne under-recoveries of Rs.203.1 billion on petrol, diesel, cooking gas and kerosene.
Urging equitable sharing of the 'extra subsidy' burden by all state-owned companies, whether engaged in exploration, refining or marketing, Behuria said: "We should be able to look at some kind of assured return, something that would sustain our investment plans."
--Indo-Asian News Service
Indo-Australia committed to resolve agri-trade issues
Publish Date : 3/3/2007 7:21:00 AM
The agri-trade has become a very contentious issue in the World Trade Organisation (WTO), but India and Australia have agreed to resolve issues coming in the way of trade in agricultural goods by setting up a mechanism.
RBI to absorb more liquidity to contain inflation
Publish Date : 3/3/2007 7:11:00 AM
In a bid to further contain inflation, Reserve Bank of India today announced a modified market stabilisation scheme (MSS) and liquidity adjustment facility (LAF) to suck out Rs 11,500 crore from the system.
Gold and Silver prices turn distinctly weak
Publish Date : 3/3/2007 7:03:00 AM
Both the precious metals today turned distinctly weak on the bullion market as silver plunged by Rs 570 and gold by Rs 155 on heavy stockists offerings tiggered by sharp fall in the global markets.
Further fall in gold and silver prices
Publish Date : 3/2/2007 7:06:00 AM
Both the precious metals continued to decline on the bullion market here today on sustained offering from stockists in view of fall in the international markets.
Rupee ends marginally up at 44.26/27 a dollar
Publish Date : 3/2/2007 7:03:00 AM
The rupee today ended marginally higher at Rs 44.26/27 a dollar, supported by a smart recovery on equity markets coupled with fresh exporters' dollar sales.
Hyundai domestic sales up 74 pc in Feb
Publish Date : 3/2/2007 7:01:00 AM
Hyundai Motor India today reported a 74 per cent increase in its domestic vehicle sales during February at 15,459 units compared to the same month last year.
Hutchison Telecom files caveat fearing legal move by Essar
Publish Date : 3/2/2007 6:59:00 AM
Hong Kong-based Hutchison Telecom has filed a caveat before the Bombay High Court to ensure that its plea is heard in case Essar moves the court, challenging the the foreign partner's decision to sell stake to Vodafone.
Skoda slashes car prices up to Rs 24,000
Publish Date : 3/2/2007 6:56:00 AM
As car makers Maruti and Hyundai announced a hike in prices, luxury car maker Skoda Auto today slashed prices across all models by up to Rs 24,000 citing reduction in customs duty on imported car parts in the Budget.
Bond prices continue to decline
Publish Date : 3/1/2007 8:30:00 AM
Government bond prices continued to decline on persistent selling while call rates eased in view of ample liqudity in the system.
India should be more conscious of global developments: RBI
Publish Date : 3/1/2007 8:19:00 AM
The Reserve Bank of India today said the steep fall in Indian stock markets was a contagious effect of plunge in overseas bourses and the country should have strong market and regulatory mechanism to avoid disruption in markets.
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