Indications from various sources are mixed about the possible outcome of the much awaited meeting of the empowered group of ministers (EGoM) led by finance minister, Mr Pranab Mukherjee on Monday.
While the three major oil refining companies and the ministry of oil and natural gas are certain that there could be deregulation of petrol prices immediately there is a strong view that the EGoM may not take any immediate decision on implementing the recommendations of the Kirit Parikh Committee.
Monday’s meeting will be a preliminary meeting to discuss the pros and cons of the recommendations in detail, they say. This section believes that this is not an opportune time to deregulate petrol and diesel prices, particularly when inflation is still high.
They will also have the freshly minted heroine Mamata Banerjee to contend with as she is part of the EGoM.
The Kirit Parikh Committee had recommended immediate deregulation in the price of petrol as it would not have a cascading affect on prices of commodities.
Showing posts with label prices. Show all posts
Showing posts with label prices. Show all posts
Monday, June 7, 2010
Friday, April 2, 2010
Streets remain deserted in old city
Life, as if by a wave of magic wand, seems to have screeched to a grinding halt in parts of the once walled city of Hyderabad. The usual buzz is sorely missing, streets remain deserted and all pervading is an uncertain calm that stirs memories of a forgotten period when communal violence and curfew came visiting in tandem. On Wednesday, second day of the curfew, citizens in the old city remain nervous and edgy. Small and motley gatherings hang around lane corners, youngsters either vanish into the by-lanes on being spotted or step forward to belligerently enquire the motive of visitors to their areas and women roam around in search of outlets to pick essential commodities. There has been no supply of milk and scarce is the availability of vegetables. “We are in a bad shape, even milk is not available and the drinking water supply was not there yesterday,” bemoans Suresh at Alijah Kotla. Near Purani Haveli, Ramraj Chauhan points out that a milk packet priced at Rs.13 was being sold between Rs.20 and Rs.25. “With no work for last two days and little money on hand, how do we pay so high,” he says.
For most, the threads of communal harmony are not strained due to the recent violence. Neighbouring families of Jehangir and Narsing Rao chat away the curfew blues at Etebar Chowk.
“All is fine here and there is nothing to bother us. We are comfortable as always,” says Jehangir as Rao's mother nods her assent. Some have their woes compounded severely due to curfew restrictions. Md.Raheemuddin, a senior citizen from Falaknuma has acute stomach pain and needs urgent medical attention.
Sweating profusely and frail hands shaking from the pain, he says, “a surgery planned for my ulcer problem got affected and now I am trying to go to curfew free area for it”.
This being the auspicious period for marriages, many having scheduled weddings in family for tomorrow could be seen nervously thronging the police stations for permission of some sorts.
For most, the threads of communal harmony are not strained due to the recent violence. Neighbouring families of Jehangir and Narsing Rao chat away the curfew blues at Etebar Chowk.
“All is fine here and there is nothing to bother us. We are comfortable as always,” says Jehangir as Rao's mother nods her assent. Some have their woes compounded severely due to curfew restrictions. Md.Raheemuddin, a senior citizen from Falaknuma has acute stomach pain and needs urgent medical attention.
Sweating profusely and frail hands shaking from the pain, he says, “a surgery planned for my ulcer problem got affected and now I am trying to go to curfew free area for it”.
This being the auspicious period for marriages, many having scheduled weddings in family for tomorrow could be seen nervously thronging the police stations for permission of some sorts.
Friday, February 26, 2010
Petrol prices to rise by up to Rs 2.67 a litre
Petrol and diesel prices will go up by Rs 2.67 a litre and Rs 2.58 per litre, respectively, after Finance Minister Pranab Mukherjee on Friday raised customs and excise duties on the two, virtually putting the Kirit Parikh Committee report on fuel price in cold storage.
Customs duty on petrol and diesel were hiked to 7.5 per cent from 2.5 per cent while excise duty was raised by Re.1 a litre to Rs 14.35 and Rs 4.60 per litre on non-branded (normal) petrol and diesel respectively.
The incidence of customs and excise duty would result in petrol prices going up by Rs 2.67 a litre in Delhi and diesel by Rs 2.58 per litre with effect from midnight tonight.
Petrol, in Delhi currently costs Rs 44.72 a litre and diesel Rs 32.92 per litre.
Mr. Mukherjee also imposed 5 per cent import duty on crude (currently nil), a move that would impact refiners like Reliance Industries and Essar Oil with their input cost going up.
Reliance Industries’ 33 million tons a year refinery catering to domestic market would alone have to bear Rs 5,100 crore because of higher rates. Its other 29 million tons unit is only for exports and does not pay customs duty.
The rates hike virtually put the Parikh report on fuel pricing reforms in cold storage as implementing the expert group report on freeing petrol and diesel prices would mean a further Rs 4.94 a litre increase in petrol and Rs 3.20 per litre hike in diesel rates.
Customs duty on petrol and diesel were hiked to 7.5 per cent from 2.5 per cent while excise duty was raised by Re.1 a litre to Rs 14.35 and Rs 4.60 per litre on non-branded (normal) petrol and diesel respectively.
The incidence of customs and excise duty would result in petrol prices going up by Rs 2.67 a litre in Delhi and diesel by Rs 2.58 per litre with effect from midnight tonight.
Petrol, in Delhi currently costs Rs 44.72 a litre and diesel Rs 32.92 per litre.
Mr. Mukherjee also imposed 5 per cent import duty on crude (currently nil), a move that would impact refiners like Reliance Industries and Essar Oil with their input cost going up.
Reliance Industries’ 33 million tons a year refinery catering to domestic market would alone have to bear Rs 5,100 crore because of higher rates. Its other 29 million tons unit is only for exports and does not pay customs duty.
The rates hike virtually put the Parikh report on fuel pricing reforms in cold storage as implementing the expert group report on freeing petrol and diesel prices would mean a further Rs 4.94 a litre increase in petrol and Rs 3.20 per litre hike in diesel rates.
